Are starter homes still for starters?
Published:Wednesday | September 10, 2025 | 12:07 AM
THE EDITOR, Madam:
Jamaica’s recent general election promised continuity, but continuity alone does not put house keys into the hands of young people. As both a realtor and a homeowner, I see the harsh truth daily: while the market is stable, affordability has never felt more out of reach.
In Kingston, St Andrew, St James, and St Ann, starter homes are no longer priced for first-time buyers. They are marketed and sold like investment-income properties – built for Airbnb returns or rental yields, not young families trying to get on the property ladder. Even in traditionally affordable areas like Portmore, prices are climbing out of reach. The Government’s increase in the National Housing Trust (NHT) contribution has been hailed as a tool to expand home ownership, but the reality is sobering. There’s a direct relationship between NHT loan limits and home prices: as soon as limits go up, developers raise prices to match. Add to this the weight of closing costs – still 10–12 per cent of the purchase price – and stagnant wages, and many young professionals remain priced out.
Foreign direct investment is also driving prices higher, with developers catering to overseas buyers who can pay cash. This tilts the market in favour of investors, while ordinary Jamaicans who rely on mortgages are sidelined.
Unless the Government tackles land costs, development fees, and access to lower mortgage rates, young Jamaicans will continue to watch home ownership drift further away, while the dream of a home becomes someone else’s investment portfolio.
KADIA A. HARRIS