Live with parents or share rent, Lagos deputy gov advises young workers

Lagos State Deputy Governor, Obafemi Hamzat, has suggested that young workers should not feel obligated to immediately rent expensive apartments and instead consider living with their parents, relatives, or in shared accommodations while they build their finances. During a question-and-answer session with Nigeria Info FM, Hamzat responded to concerns about how young workers earning low incomes could afford the high rents in Lagos.

He advised that young people should choose accommodation that suits their income level rather than trying to start from the top. Hamzat emphasized that living with family members or in shared housing was common among young people in many cultures, including Turkey. He emphasized that young workers should not feel pressured to move into self-contained apartments if their incomes could not support such accommodation.

Hamzat also cautioned that spending more than 40 percent of an individual's income on rent was too high, as residents needed to cover other expenses such as food, clothing, and transportation. He explained that the state government had a mortgage board to facilitate home ownership through mortgage financing, and that residents needed to be properly identified and assessed to determine their ability to repay the loan.

The deputy governor mentioned a property costing N7 million, stating that a buyer could make a 10 percent initial payment and spread the remaining balance over 10 years. He added that monthly repayments could vary depending on the buyer's income. Hamzat noted that many residents could not afford to pay the full cost of a property upfront, and that this mortgage model was necessary to make home ownership more accessible.

He also highlighted that economic stability would help residents plan their finances better, as prices would become more predictable.