As housing costs continue to surge across the state, Lagos State Deputy Governor, Obafemi Hamzat has urged young workers struggling with rent to consider co-living options, including residing with family or sharing apartments, rather than overextending their finances.
Speaking on Nigeria Info FM, Hamzat addressed growing concerns over housing affordability, particularly for early-career professionals. He cautioned that spending more than 40 percent of one’s monthly income on rent is financially unsustainable, given other essential expenses like food, clothing, and transportation.
“We are a cultural people,” Hamzat said. “If I start work as a young person and I’m not married, a lot of us live with our parents or cousins. You don’t have to start at the top with a self-contained apartment if your earnings cannot sustain it.”
Instead of relying solely on expensive upfront rental payments or outright cash purchases, the Deputy Governor outlined the state’s broader strategy to expand homeownership through mortgage financing. He noted that paying cash upfront for housing is increasingly unrealistic for the average resident, pointing to the Lagos State Mortgage Board as a vehicle for accessible property ownership.
Under the state’s structured scheme, prospective buyers can secure housing with a 10 percent down payment and spread the remaining balance over 10 years. Hamzat cited a ₦7 million property in Bisedi as an example, where an applicant could pay an initial ₦700,000 deposit followed by monthly payments ranging between ₦25,000 and ₦35,000, depending on their income.
To qualify, applicants must possess a Lagos State Residents Registration Agency (LASRRA) identification number, which the government uses to verify identity, residence, and employment status to establish creditworthiness.
Hamzat acknowledged that long-term housing stability remains tied to general economic conditions and purchasing power. He emphasized that macroeconomic adjustments by the Federal Government aimed at stabilizing living costs are critical first steps toward improving wage value and broader housing accessibility.
