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Earning 100k and above
Rank: Elder Joined: 7/22/2008 Posts: 2,703
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Ngogoyo wrote:innairobi wrote:another thing and maybe @kiash can confirm this but the median two-person household in the united states earns about $45,000 after tax. that would be in the region of kshs 400,000 per month for the two adults which translates to kshs 200,000 per month per adult.
now think about it. if the median person in the united states is earning 200K per month albeit post-tax and we're talking about a country whose GDP per capita is 40 times higher than kenya's, what would the median monthly income in kenya be? it's obvious from the laws of economics that only a small percentage of kenyans are making 100K or 200K per month. Na hawa naonanga na Jack daniels and blankets and wine etc ni akinanani? There are also apartments in Kilimani and houses in Athi River selling for at least 10 million shillings. Are you saying nobody is buying? Cytonn talks of residential infrastructure projects in tens of billions of shillings intended for sale and recovery of investment. Are there people or companies holding real estate inventory that has yet to be sold? Why are prices not coming down if there are no sales?
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Rank: Elder Joined: 7/22/2008 Posts: 2,703
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A 20 year mortgage on 5 million shillings at 15% interest requires monthly payment of 65 thousand shillings for 20 years!!! Who is buying 20 million shilling apartments?
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Kusadikika wrote:Ngogoyo wrote:innairobi wrote:another thing and maybe @kiash can confirm this but the median two-person household in the united states earns about $45,000 after tax. that would be in the region of kshs 400,000 per month for the two adults which translates to kshs 200,000 per month per adult.
now think about it. if the median person in the united states is earning 200K per month albeit post-tax and we're talking about a country whose GDP per capita is 40 times higher than kenya's, what would the median monthly income in kenya be? it's obvious from the laws of economics that only a small percentage of kenyans are making 100K or 200K per month. Na hawa naonanga na Jack daniels and blankets and wine etc ni akinanani? There are also apartments in Kilimani and houses in Athi River selling for at least 10 million shillings. Are you saying nobody is buying? Cytonn talks of residential infrastructure projects in tens of billions of shillings intended for sale and recovery of investment. Are there people or companies holding real estate inventory that has yet to be sold? Why are prices not coming down if there are no sales? Even though accurate or not accurate, this post might answer you. Much Know wrote:
This data is pretty accurate, I have been in good formal and informal business, majority of these "biasharas" make less than 10k, someone making 20k in mpesa, butchery, mboga, nguruwe, cyber, exhibition, stationary, etc are there and are the top but wa 100k are there but just maybe 10k people in all of Kenya, perhaps you talk of combined household, kazi ya baba na mama BTW Nairobi top businesses, housing, cars, apartments, are owned by no more than 500 people, and you know the top 20 who own every major private institute employing thousands, Kenya is controlled by about 50people/families who also control money/banking and all the money our collective central bank prints goes to them and they charge you 20% interest as they sit nyambering at home complaining about lazy Kenyan's.
If Obiero did it, Who Am I?
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Rank: New-farer Joined: 10/6/2011 Posts: 38 Location: usa
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so how do people afford to build 15million shilling homes in places like ngoingwa and membly??
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Kusadikika wrote:A 20 year mortgage on 5 million shillings at 15% interest requires monthly payment of 65 thousand shillings for 20 years!!! Who is buying 20 million shilling apartments? I heard that there are less than 20K mortgages in Kenya If Obiero did it, Who Am I?
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Rank: Elder Joined: 10/4/2006 Posts: 13,821 Location: Nairobi
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Kusadikika wrote:A 20 year mortgage on 5 million shillings at 15% interest requires monthly payment of 65 thousand shillings for 20 years!!! Who is buying 20 million shilling apartments? how many 2 milllion shilling apartments are there? All Mushrooms are edible! Some Mushroom are only edible ONCE!
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Rank: Veteran Joined: 7/5/2010 Posts: 2,061 Location: Nairobi
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mwendiuthaka wrote:so how do people afford to build 15million shilling homes in places like ngoingwa and membly?? They buy the plot at 1 million, use another 5 to construct, then value the completed building at 15 million, hoping a sucker will come along and present a chance to make a neat profit. Supervised and sourced well (materials), 5 million shillings will make you a very good house.
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Rank: Veteran Joined: 11/13/2015 Posts: 1,590
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Swenani wrote:Kusadikika wrote:A 20 year mortgage on 5 million shillings at 15% interest requires monthly payment of 65 thousand shillings for 20 years!!! Who is buying 20 million shilling apartments? I heard that there are less than 20K mortgages in Kenya Kenyans are mostly asset rich but income poor. A rural granny will have a 5 million farm and live in a mud hut. She can't mortgage the farm because she is not generating income to repay the loan.
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Rank: Member Joined: 12/17/2011 Posts: 887
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Guys. There is a lot of "dirty" money floating around Kenya. Most people commenting here are "squares", working stiffs doing 9-5, which is very honorable, but there is a demographic that's making more money than god every day in this Nairobi. I've had the pleasure or displeasure of meeting quite a few young guys who are making so much money every day and investing it in real estate. Right now I know a 30 something year old guy that is erecting apartments in Kileleshwa and says that he already has buyers and knows that some of the units will be rented long term. He needs somewhere to invest his money and what better place than buying real estate. If you are not part of the "clique" you will always be wondering how some things are possible, but you would all be surprised to see the bank statements of some of these relatively young guys around this city. Not everything is black and white like how us regular joes think, the former CJ called this a bandit economy and he knew exactly what he was saying. This country has its owners, the rest of us are just passing by.
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Rank: Veteran Joined: 11/13/2015 Posts: 1,590
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hamburglar wrote:Guys. There is a lot of "dirty" money floating around Kenya. Most people commenting here are "squares", working stiffs doing 9-5, which is very honorable, but there is a demographic that's making more money than god every day in this Nairobi. I've had the pleasure or displeasure of meeting quite a few young guys who are making so much money every day and investing it in real estate. Right now I know a 30 something year old guy that is erecting apartments in Kileleshwa and says that he already has buyers and knows that some of the units will be rented long term. He needs somewhere to invest his money and what better place than buying real estate. If you are not part of the "clique" you will always be wondering how some things are possible, but you would all be surprised to see the bank statements of some of these relatively young guys around this city. Not everything is black and white like how us regular joes think, the former CJ called this a bandit economy and he knew exactly what he was saying. This country has its owners, the rest of us are just passing by. The economy does not reward hard work it rewards those who do work that society considers useful. Our bandit economy rewards those doing useful work like "taking" taxpayers money to put up apartments which we find more useful than some poorly conceived GK project.
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Rank: Elder Joined: 10/4/2006 Posts: 13,821 Location: Nairobi
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hamburglar wrote:Guys. There is a lot of "dirty" money floating around Kenya. Most people commenting here are "squares", working stiffs doing 9-5, which is very honorable, but there is a demographic that's making more money than god every day in this Nairobi. I've had the pleasure or displeasure of meeting quite a few young guys who are making so much money every day and investing it in real estate. Right now I know a 30 something year old guy that is erecting apartments in Kileleshwa and says that he already has buyers and knows that some of the units will be rented long term. He needs somewhere to invest his money and what better place than buying real estate. If you are not part of the "clique" you will always be wondering how some things are possible, but you would all be surprised to see the bank statements of some of these relatively young guys around this city. Not everything is black and white like how us regular joes think, the former CJ called this a bandit economy and he knew exactly what he was saying. This country has its owners, the rest of us are just passing by. the question is HOW MANY ARE THESE PEOPLE? 10k, 20k, 30k PEOPLE? All Mushrooms are edible! Some Mushroom are only edible ONCE!
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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There seems to be some kind of denial that we are indeed a poor country. We are. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 12/17/2011 Posts: 887
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masukuma wrote:hamburglar wrote:Guys. There is a lot of "dirty" money floating around Kenya. Most people commenting here are "squares", working stiffs doing 9-5, which is very honorable, but there is a demographic that's making more money than god every day in this Nairobi. I've had the pleasure or displeasure of meeting quite a few young guys who are making so much money every day and investing it in real estate. Right now I know a 30 something year old guy that is erecting apartments in Kileleshwa and says that he already has buyers and knows that some of the units will be rented long term. He needs somewhere to invest his money and what better place than buying real estate. If you are not part of the "clique" you will always be wondering how some things are possible, but you would all be surprised to see the bank statements of some of these relatively young guys around this city. Not everything is black and white like how us regular joes think, the former CJ called this a bandit economy and he knew exactly what he was saying. This country has its owners, the rest of us are just passing by. the question is HOW MANY ARE THESE PEOPLE? 10k, 20k, 30k PEOPLE? Probably less than 1k people.
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Rank: Veteran Joined: 4/27/2010 Posts: 951 Location: Nyumbani
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There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs.
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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having worked within payrolls of several large Kenyan organisations I can confirm that very very few Kenyans hit 100k.if you are there, thank God.normally,in organisations with 500 permanent employees less than 25 will get 100k punda amecheka
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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kiash wrote:There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs. Matusi ndio utaacha If Obiero did it, Who Am I?
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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kiash wrote:There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs. 5M Kenyans funding the govt, 35M complaining of services not delivered "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 7/22/2008 Posts: 2,703
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murchr wrote:kiash wrote:There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs. 5M Kenyans funding the govt, 35M complaining of services not delivered Is it any wonder that government work is referred as "mkate". You go around campaigning to be given the "work of governing" yet you see it as a loaf of bread.
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Rank: Veteran Joined: 3/16/2009 Posts: 1,464
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Rank: Member Joined: 12/17/2011 Posts: 887
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