ABSTRACT

The notion of affordability has gained traction in the housing economics literature throughout the previous decade, especially following the financial crunch in 2007. As a result of its importance in human wellbeing and productivity, housing affordability has been a source of worry in both developed and developing countries.From the numerous emphases employed in affordability research, as well as the various ideas used to examine the challenges encountered by residents households entering the housing market, have emerged a variety of definitions and measurements, which are not necessarily consistent. This study provides an overview of housing affordability research. The goal is to provide a framework for understanding housing and housing affordability in relation to residents' economic capacities in Edo State. The quantitative data collecting approach was used to get important statistics for a full examination of the subject. residents' assessments of factors identified in the literatures were used to design the questionnaire. The survey was administered to 80 people in Benin City, Edo State local government districts.

To establish the deciding variables for housing affordability, the Exploratory Factor Analysis (EFA) approach was used. House rents, housing preferences, housing satisfaction, land price, and government involvement were shown to be the deciding variables for housing affordability in the EFA study. Land price, housing satisfaction, and housing preference were verified as the most important components in the multiple regression analysis. The study revealed that a greater population of the respondents fall under the lower economic sector of the population, and as such, can primarily afford housing affordable to them. It encouraged and suggested urgent steps to be taken for the improvement and transformation in the Nigerian housing delivery to achieve affordable housing in Benin City, Edo State.It revealed that a greater population of the respondents fall under the low income earning population, and as such, can primarily afford housing affordable to them.