The Economics and Statistics Office’s biannual Quality of Life Survey Report for fall 2024 shows satisfaction in this area fell by 3.9% in the six months after the Spring 2024 Survey, marking the steepest decline across all measured indicators.
The score refers to an individual’s living standard, expressed through household income, household debt, household consumption and housing conditions. As a whole, the survey indicated that satisfaction in material living conditions dropped from 88.6% in spring to 84.7% in fall. While overall well-being remains high, the data highlights mounting pressure on household budgets.
Rising rent costs and trouble meeting expenses
The report indicated a rise in rental costs, which jumped from a median of $3,000 to $3,500 in just six months, though there is no indication of size of the accommodation or number of bedrooms. The fall survey also showed a rise in renters, up to 53.5% from 52.8%, and a slight drop in homeownership, down to 43.9% from 44.3%.
As housing becomes more expensive, the report indicated that more residents are simultaneously falling behind on their bills. The fall survey shows that 20.2% of respondents were behind on at least one essential payment, with electricity (5.1%) and rent (3.9%) leading the list. Caymanians reported higher arrears than non-Caymanians, especially in electricity and water bills.
Disconnections from basic services have also increased. According to the Statistics Office, 9.6% of households experienced at least one disconnection in the six months prior to the survey – up from 7% in the spring. North Side was hit hardest, with nearly one-third of households (32.6%) facing disconnection from electricity, water or internet.
In addition, fewer households now report having Internet or air conditioning, while the percentage of those with housing structure insurance dropped by nearly 4 percentage points to 45.1%.
Living conditions and housing an ongoing issue
Affordable, liveable housing has long been a challenge in the Cayman Islands, a problem worsened by rapid population growth. A recent Compass story highlighted a key gap: It’s been nearly 30 years since Cayman last implemented a comprehensive land-use plan.
While an extensive housing policy is reportedly in development, key proposals such as infrastructure upgrades, improved public transport and expanded mortgage access still await legislative action.
In January 2024, the National Housing Development Trust launched new initiatives to support low- to middle-income Caymanians, including expanding affordable housing, boosting the home repairs programme and reviving its lease-to-own option. The government backed these efforts with a $15 million allocation in the 2024–2025 budget.
With 1,148 applicants now on the NHDT waiting list, chairman Andrew McBean has stressed the need for innovation, calling for smarter land use, modern construction techniques and forward-thinking design to meet rising demand.
“Housing and access to housing is a key focus area of this administration,” Premier André Ebanks told Cabinet on 2 July.