In Northern Mindanao, Cagayan de Oro stands out due to its thriving housing market and long standing tradition of property ownership. Due to housing driven growth and local aspirations, owning a home seems to be more frequent in CDO than owning a car.
Homes Are A Pillar of Household Stability
According to data from the 2010 census from the Philippine Statistics Authority, 55.2% of households in Cagayan de Oro owned or were amortizing the lots they occupied. The city’s reasonably priced real estate and the sentimental importance Filipinos attach to property ownership serve to further this home centered culture.
Car Ownership Is A Less Common Luxury
Although specific car ownership data for Cagayan de Oro is scarce, national trends suggest that motor vehicles are less common among households. Motorcycles represent about 50% of all vehicle ownership nationwide, compared to only roughly 16% for cars and SUVs combined. Since Cagayan de Oro is an urban center that is continually growing, it becomes sense to assume that fewer households possess automobiles than homes.
CDO’s Real Estate Boom Outpaces Car Market
The real estate market in Cagayan de Oro is exploding. The demand for real estate is rising across a wider range of demographics, from upmarket subdivisions and mixed use developments such as those in Pueblo de Oro and Gran Europa to reasonably priced house-and-lot packages starting at about ₱1-2 million. Meanwhile, owning a car is still more of a luxury because of the expenses, infrastructure, and traffic.
Being a home owner is a priority in Cagayan de Oro and not simply a dream. Even while car ownership is still out of reach for many Kagay-anons, most of them are house rich due to strong housing demand and a variety of real estate possibilities. This demonstrates how the city has developed into a sanctuary of shelter first principles in Mindanao.
