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THE EDITOR: The dream of home ownership, once a cornerstone of personal and financial stability, is becoming increasingly elusive for young first-time buyers in TT. With the average price of a good-quality three-bedroom house ranging from $1.5 to $2.3 million, the financial barriers to entry are daunting.
For young professionals, the qualifying income required by banks – between $20,000 to $30,000 – is often out of reach, especially when factoring in existing debts, high interest rates, and additional fees associated with securing a mortgage.
This financial strain is compounded by the rising cost of living, increasing cement prices and rising construction materials, and stagnant salaries, making the prospect of owning a home feel like a distant fantasy.
The phrase "rent money is dead money" resonates deeply with this generation, as they watch a significant portion of their income go toward housing without building equity or securing their future. Meanwhile, the cost of basic necessities continues to climb. A single trip to PriceSmart for grocery items alone can easily amount to $2,500 to $3,000, leaving little room for savings or investments.
While the cost of living surges, salaries for most citizens remain stagnant, creating a widening gap between income and expenses. This disparity is particularly glaring when contrasted with the rising salaries and benefits enjoyed by politicians, who seem insulated from the economic pressures faced by ordinary citizens.
In this challenging environment, young professionals are left questioning the feasibility of ever owning a home. They are calling on policymakers to address this crisis with urgency and transparency. Specifically, they want to know: what concrete measures will be implemented within the first 90 days of a new administration to make home ownership attainable for young professionals?
This is an election year. Will there be incentives for first-time buyers, such as reduced interest rates, grants, or tax breaks? Will the government address the rising cost of construction materials or invest in affordable housing developments? These are not just questions of policy, but of survival for a generation struggling to achieve the basic dream of owning a home.
The time for vague promises and political rhetoric is over. Young professionals are demanding actionable solutions that will level the playing field and restore their faith in the possibility of home ownership.
If politicians are serious about securing the future of the next generation, they must prioritise this issue and deliver tangible results within their first 90 days in office.
The dream of owning a home should not be a privilege reserved for the wealthy or well-connected – it should be an achievable goal for every hard-working citizen.
ELIJAH MOTIERAM
via e-mail
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