Lagos has always been the golden city of Nigeria while experiencing a rapidly growing population and economy with a variety of people moving to the state from all over the country and outside the country.
We are likely to witness a population explosion in the megacity of Lagos and possibly the neighbouring states of Ogun and Oyo if nothing is done about the deplorable state of the constituent economies of the Nigerian federation, which is causing this influx of people to the city of Lagos.
Even though new private real estate development companies are forming almost daily and West Africa's real estate market is one of the most vibrant in the region, the majority of private developers appear to be uninterested in the task of building affordable mass housing for the nation's rapidly growing population.
Below, we have compiled seven of the cheapest places to live in Lagos for those who are already living in Lagos and can't keep up with their housing budget, or those who are currently trying to move to the city for ease of life or business purposes.
One of the cheapest places to live in Lagos is in Mushin, a local government in Lagos State.
This area is perfect for anyone looking for a low-cost place to live.
It is one of the least expensive areas in Lagos to rent a house.
Due to a lack of basic amenities and poor infrastructure, this area may have all the signs of a ghetto.
Additionally, you might have trouble finding decent housing.
Typically, 2 and 3-bedroom apartments cost between N750,000 and N800,000 naira yearly in Mushin.
In addition to being a local government area in Lagos State, it is a well-known seaside town.
The Egun people live in the town, and the region has a border with the Benin Republic.
The region is renowned for two things: inexpensive housing and subpar infrastructure.
If you want affordable housing, Badagry is the place to go, but you have to give up good roads.
Between N500,000 and N700,000 is the typical price range for a three-bedroom apartment.
A typical rental in this area of a one-room apartment costs N200,000 annually.
Apapa is a local government area in Lagos and is located west of Lagos Island.
It is renowned for playing host to the country’s first major seaport called the Apapa Wharf and some container terminals like the Tincan Island Port.
Apapa is also heavily industrialized with many milling factories and gas storage facilities.
Be prepared to pay between N400,000 and N500,000 per year to rent a one-home apartment in Apapa.
Between N2,500,000 to N3,000,000 will get you a three-bedroom apartment while renting a two or one-bedroom apartment is between N1,500,000 and N2,000,000 a year.
Renting a home in the Lagos neighbourhood of Ojo is cost-effective.
Apartments in this area can go for as low as N500,000 to N700,000 for a three-bedroom flat, making it the best choice for people on a limited budget.
A home with two bedrooms costs N300,000. A one-room self-contained apartment costs N150,000 per year.
Rent for apartments is reasonable in Ojo. But be ready to deal with the poor infrastructure and lack of basic amenities.
The Ikorodu area of Lagos remains one of the most affordable areas to reside in Lagos.
This is due to affordable housing rentals, and because of this, the area is seeing a huge inflow of people.
Ikorodu is also a good location if you’re looking to invest in land or rent livable space.
Renting a typical two-bedroom apartment in Ikorodu would set you back between N400,000 and N500,000, while N200,000 will get you a one-bedroom apartment per year.
To accommodate foreign delegates attending the festival of arts that typically takes place in Lagos, the military government of Nigeria designed FESTAC town in 1977.
There is a mix of middle-class, lower-class, and wealthy residents in the area.
The houses in FESTAC are built in such a way that there are apartments affordable for every class strata.
It solely depends on what you want and what your budget income is.
A three-bedroom flat in FESTAC can go for N2,500,000 to N3,000,000. You can also get the same three-bedroom flat for as low as N700,000 a year.
However, the difference in these prices will be vivid in the types of amenities you get in both apartments.
These two places now seem like two peas in a pod because of how close they are.
To start, Ayobo is a suburban area in the Alimosho Local Government Area of Lagos.
Ipaja, on the other hand, is situated in Lagos' western area.
It takes just 12 minutes to tour by car and 41 minutes to walk from Ayobo to Ipaja. There is a connection between the two places.
This axis serves as a haven for people who work in Surulere and the surrounding area of Yaba but cannot afford the high rent there.
In these two places, a typical Lagosian must pay between N700,000 to N1,500,000 for a three-bedroom apartment and N250,000 for a single room.
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