The process to homeownership is a difficult one for anyone but young people are finding it especially hard in the current economic climate. President of the Grand Bahama Chamber of Commerce, James Carey, speaks to the issue. He told ZNS News, “I remember some homes being built for about $50,000, that is impossible today.”
Local real estate agent, Preslene Miller said, “the average housing price starts at about one fifty and it goes up. The one fifty houses are basically the lower income homes and people don’t want them. They want to be in more upscale areas and they can’t afford the upscale areas.”
Bank requirements, a tough job market and income level also contribute to the difficulty young people are facing in home buying and construction. Mr. Carey thinks that education is an answer to the issue. He said, “so many of our youngsters are not availing themselves to further education, even at University of The Bahamas. it will be very difficult for them to derive the level of income in the near term that will be able to place them in a position to afford a home even what we now call low cost homes, which is not low cost by any stretch of the imagination.”
Miller advises young people to spend wisely, make saving a priority and not to accumulate excessive loans.