The essential needs of man are food, clothing, and housing. Housing, otherwise called shelter, is a permanent structure constructed to for human being to live in or for conducting businesses such as offices, malls, or for relaxation purpose (parks, hotels, inns etc) There are different types of houses from the traditional thatched house, to the more advanced modern house like penthouse, mansion, bungalows and the likes.
According to statistics Nigeria tops the chat for the homeless in Africa with over 24 million people who are without a home mostly due to insurgent and banditry. It is worth noting that despite the fact that Lagos state despite not being victim of any of this calamity presently have over 100 thousand homeless and 300 thousand more are at risk of ending up on the street. A 2-bedroom standard apartment in Lagos now goes for 3.5 to 2.5 million on the highland and about 800 thousand to on the mainland.
Major Effects Of Rising Costs On Lagos Workers
The rising costs of rent in Lagos can have various effects on the working class in the city. Here are some key effects:
Financial strain
Increasing rent prices can put a significant financial burden on the working class. With limited income, individuals and families may struggle to meet their basic needs and other expenses while keeping up with high rent payments. This could lead to reduced savings, debt accumulation, and overall financial instability.
Displacement and homelessness
The rising rent costs may force some members of the working class to be displaced from their homes or even become homeless. If individuals and families cannot afford the new rent prices, they may be evicted or have no choice but to live in informal settlements with inadequate living conditions.
Limited housing options
As rent prices increase, the working class may be limited in their housing options. They may have to settle for smaller, overcrowded living spaces or substandard accommodations just to afford rent. This can adversely affect their quality of life, health, and overall well-being.
Reduced disposable income
When a significant portion of income is spent on rising rent costs, the working class has less disposable income to spend on other essential needs like food, healthcare, education, and transportation. This can perpetuate a cycle of poverty and limit their ability to invest in personal development and improve their socio-economic status.
Increased commuting distances and transportation costs
Some individuals may be forced to live farther away from their workplaces in search of more affordable housing options. This results in longer commuting distances and increased transportation costs. Spending more time and money on commuting can lead to fatigue, stress, and reduced productivity, further impacting the well-being of the working class.
Social inequality
Rising rent costs can exacerbate social inequality within the city. As rent prices increase, those with higher incomes can afford better quality housing while the working class is left with limited options. This disparity in living conditions can contribute to a sense of marginalization and exclusion among the working class.
Lagos State Housing Mortgage Scheme
In other to militate the effect of housing challenges on average Lagosians the governor of the Babajide Sanwo-Olu has launched a rent to own programme in the state (visit the official website of the state to learn how to apply). This scheme allows an individual to pay installments for a period of 10 to 20 years as the case may be. The prospective tenant is expected to pay 4.1 million to 6.4 million naira annually depending on the type of house he’s acquiring and the location of the property.
The question here now is can an average Lagosian afford the price of this housing scheme or it’s still the same set of developers and big names who will acquire them for inflated rent?
