Lagos State Deputy Governor, Obafemi Hamzat, has advised young workers struggling with the rising cost of accommodation to consider living with their parents, relatives or sharing rented apartments while building their finances.
Hamzat gave the advice during a question-and-answer session with Nigeria Info FM on Thursday, while responding to concerns over how a young worker earning about ₦100,000 monthly could afford accommodation costing around ₦1 million annually.
According to the Deputy Governor, young people should choose accommodation that matches their income instead of feeling pressured to immediately rent expensive self-contained apartments.
He also advised residents not to spend more than 40 per cent of their income on rent, stressing that workers still have to cater for food, transportation, clothing and other essential needs.
Hamzat further advocated mortgage financing as a more sustainable path to home ownership. He explained that Lagos State’s mortgage system could allow residents to make an initial payment and spread the remaining cost over several years.
He cited a ₦7 million property as an example, saying a buyer could pay 10 per cent upfront and spread the balance over 10 years, with monthly payments depending on the person’s income.
The Deputy Governor said the state was also using the Lagos State Residents Registration Agency (LASRRA) system to establish residents’ identity, address and employment information as part of assessing their eligibility for housing finance.
He stressed that young workers should focus on saving and gradually moving from smaller accommodation to home ownership as their income improves.
Stay tuned to LiteTv for more updates.
