Determinants of housing tenure choice in Ibadan, Oyo State
Description
The objective of the research is to examine factors which determine tenure choice among households in Ibadan. We randomly select residents from 6 Local Government Areas in the city using multi-stage sampling procedure. Data is collected on socioeconomic characteristics, housing tenure choice, and income of each household sampled and we estimate multinomial and binary logit models. We find that household of larger sizes have lesser likelihood of renting over ownership for all tenures of rental housing specified. It was also find that higher household income significantly reduces the likelihood of preferring a rented apartments over owning a house. Duration of household residency in Ibadan also significantly reduced the likelihood of renting for all rental tenures over house ownership. Household living in urban areas were found to have higher likelihood of renting for all rental tenures than house ownership.