Lagos Deputy Governor Obafemi Hamzat has advised young workers in the state to consider living with their parents or relatives, or sharing accommodation, to save money on rent. Hamzat made the suggestion on Thursday during a question-and-answer session on Nigeria Info FM.
Spending Too Much on Rent
Lagos Deputy Governor Obafemi Hamzat said spending more than 40% of one's income on rent is too high. He argued that workers also need money for food, clothing, and transportation. Hamzat pointed out that in many cultures, young people live with their parents or relatives before setting up their own homes. He cited Turkey as an example, where young people often live in shared accommodation.
Affordable Housing Options
Hamzat suggested that unmarried young people could live with their parents or cousins, or share accommodation, while building their finances. He also advocated for mortgage financing as a way of making home ownership more accessible to Nigerians. The deputy governor said Lagos needs to make it easier for residents to eventually own homes through mortgage financing. He argued that Nigerians cannot continue to rely on paying the full cost of a property at once, particularly given the high cost of housing.
Mortgage Financing
Hamzat explained that the state uses the Lagos State Residents Registration Agency (LASRRA) number to help establish a resident's identity, address, and place of work as part of assessing their ability to access housing finance. He gave an example of a property costing ₦7 million, saying a buyer could make a 10% initial payment of ₦700,000 and spread the remaining cost over 10 years. The deputy governor said a mortgage model would make home ownership more realistic for people who cannot afford to pay for a property in one instalment.
Building a Culture of Saving
Hamzat encouraged young people to begin their housing journey with smaller properties and work towards better accommodation as their income and savings grow. He said young workers could start with a one-bedroom apartment or self-contained accommodation, depending on what they can afford. The deputy governor acknowledged that telling Nigerians to spend less on housing does not, on its own, solve the country's affordability crisis. He said the broader economy must improve so that workers earn enough to cope with rising living costs.
Source: Pulse.ng
