Loconsult Group

Does the "30% of income rule" on housing make financial sense to you? Do you apply it on rent or mortgage?

We were the 1st Runners Up: Research and Design Competition for a 1-Million-shilling House Prototype

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LOCONSULT GROUP LTD

Low-income housing projects do exist primarily due to problems around affordability caused mainly because of urban population growth.

Housing is recognized as a basic human right and is enshrined in the Universal declaration of Human Rights (1948), the International Covenant on Economic, Social and Cultural Right (1966), Vancouver Declaration on Human Settlements (1976) and the Habitat II Declaration (1996).

Walls constitute up to 50% of the total cost of materials
and up to 45% of total construction time.

60% of the total cost of a low-income housing project is allocated to engineering design and construction materials.

“Formal education will make you a living; self-education will make you a fortune.” -- Jim Rohn

What’s the role of financial institutions in addressing housing shortage amongst the low income earners? Share your thoughts

To address shortage for affordable housing, the end users must be well defined based on their economic strengths since affordability is very relative.

Families who pay more than 30% of their income for housing are considered cost burdened and may have difficulty affording necessities such as food, clothing, transportation and medical care.