Abstract: This study investigated the influence of socioeconomic status of households on house ownership in the Buea municipality. Based on the hypotheses that demographic factors, income and Mortgage market innovation have no significant effect on home ownership, data were collected with the aid of questionnaire from a sample of 450 households in the Buea Municipality in the year 2015. The logit regression model was use to formulate the technical links associated with the variables. The result showed that demographic factors, income, and Mortgage market innovation, positively influence households’ ability to own houses. The results were statistically significant at 1%, 5% and 10% levels of significance except for gender and education level variables which were insignificant. Furthermore, region of origin variable was negative and statistically significant indicating that households from other regions were more likely to be house owners as opposed to households with South West origin. It was also found statistically that diaspora remittances contributed to households’ home ownership significantly in the Buea Municipality. We concluded that the socioeconomic status of households significantly influence house ownership in the Buea Municipality. The study recommend the need for more innovation in the mortgage market for greater visibility and ease of access to housing loans by way of reduced loan requirements, creation of one-stop-shop to expedite the process of obtaining building permit and land title documents, and more awareness campaigns on housing loan availability.
Keywords: House/home Ownership, Household, Mortgage Market Innovation.
Title: THE INFLUENCE OF SOCIOECONOMIC STATUS OF HOUSEHOLDS ON HOUSE OWNERSHIP IN THE BUEA MUNICIPALITY
Author: Ncho Fabian Ntah, Njimanted Godfrey Forgha
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
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