OPINION: Reimagining homeownership for new generation beyond the payslip

For generations, homeownership has represented stability, dignity, and the promise of long-term prosperity. It is one of the most powerful ways families build wealth, strengthen communities, and create a lasting legacy for future generations.

Yet for many Kenyans, the path to owning a home remains frustratingly out of reach. Not because they lack ambition or the ability to repay a home loan, but because the systems that support housing finance have not always evolved at the same pace as the way people live and earn.

For decades, housing finance has largely been designed around a predictable reality: formal employment, monthly salaries, and conventional measures of creditworthiness.

That model has served many households well. However, today's Kenya is far more diverse and dynamic.

Millions of Kenyans generate income through entrepreneurship, agriculture, professional services, digital platforms, consultancy, trade, and countless other forms of self-employment. Some earn daily. Others earn seasonally. Many derive income from several sources simultaneously.

They contribute significantly to the economy, create jobs, and support families, yet they often find themselves excluded from traditional pathways to homeownership.

This presents one of the most important questions facing Kenya's housing sector today: How do we build a housing finance ecosystem that reflects the realities of a modern economy?

The answer extends beyond the construction of housing units. It requires us to rethink access, affordability, and inclusion.

Expanding homeownership begins with recognizing that a payslip is only one way of demonstrating financial capacity. As financial institutions embrace data-driven innovation, new opportunities are emerging to assess creditworthiness through alternative indicators such as business cash flows, savings behaviour, digital transactions, and long-term financial discipline.

This shift has the potential to unlock homeownership for thousands of individuals who may have previously fallen outside traditional lending frameworks despite having the ability to service housing loans responsibly.

Equally important is the role of institutions that already have deep relationships with communities. SACCOs, for example, have long provided financial empowerment to millions of Kenyans.

Their understanding of members' saving patterns, financial behaviour, and aspirations positions them as critical partners in expanding access to affordable housing finance, particularly among underserved segments of the population.

However, access alone is not enough.

As the housing conversation matures, affordability must be viewed more holistically. The true cost of homeownership extends beyond purchasing a house.

It encompasses the ability to sustain ownership over time through manageable utility costs, maintenance expenses, and resilience against emerging environmental and economic risks.

This is where sustainability becomes increasingly important. Homes designed with energy efficiency, climate resilience, and resource-conscious construction methods can lower household expenses while improving long-term quality of life for homeowners.

Sustainable housing is therefore not merely an environmental aspiration; it is a practical affordability strategy.

Technology is also transforming what is possible across the housing value chain. From digital mortgage applications and improved access to financial information to modern construction technologies and enhanced land administration systems, innovation can help reduce barriers, improve transparency, and accelerate the journey from aspiration to ownership.

None of these opportunities can be realised in isolation.

Creating a housing market that works for more Kenyans will require collaboration across the entire ecosystem. Policymakers, financial institutions, developers, county governments, regulators, development partners, and housing sector practitioners all have a shared responsibility to develop solutions that are responsive, scalable, and sustainable.

More importantly, we must ensure that housing policies and financing models keep pace with changing demographics, evolving employment patterns, and the aspirations of a growing middle class seeking secure pathways to homeownership.

The future of housing in Kenya will not be measured solely by the number of homes constructed. It will be defined by how effectively we enable ordinary citizens to access, finance, and sustain ownership of those homes.

These conversations are particularly timely as stakeholders from across the housing ecosystem prepare to convene at the 5th Kenya Affordable Housing Conference (KAHC) 2026, to be held on 20–21 August 2026 under the theme "Scaling the Base: Unlocking Inclusive and Sustainable Housing Solutions."

The conference will provide an important platform to explore practical solutions for widening access to housing finance, strengthening partnerships, and advancing innovative approaches that can help more Kenyans realise the dream of homeownership.

Ultimately, the question before us is not whether Kenya can build more houses. It is whether we can build a housing ecosystem that opens the door to opportunity for more people.

If we succeed, we will achieve far more than increasing homeownership rates. We will strengthen families, deepen financial inclusion, support economic growth, and create a more resilient and prosperous nation.

The writer, Johnstone Oltetia, is the Chief Executive Officer & MD, Kenya Mortgage Refinance Company