Lagos State Deputy Governor, Obafemi Hamzat, has advised young workers to consider living with their parents, relatives or sharing accommodation to cope with the rising cost of rent in the state.

Hamzat gave the advice during a question-and-answer session with Nigeria Info FM on Thursday while responding to concerns about how young workers on modest incomes could afford accommodation in Lagos.

He said young people should not feel pressured to immediately rent expensive self-contained apartments or flats if their incomes could not support such accommodation.

According to him, young workers should choose housing that reflects their earnings and financial circumstances rather than trying to maintain a lifestyle they cannot afford.

Hamzat also advised residents not to spend more than 40 per cent of their income on rent, noting that workers had other essential expenses such as food, clothing and transportation.

He said young people could live with their parents or relatives or share accommodation while saving money and improving their financial position.

The deputy governor also advocated greater use of mortgage financing to make home ownership more accessible to Lagos residents.

He said Lagos State had a mortgage board to facilitate access to housing finance, stressing that Nigerians could not continue to rely on one-off payments to purchase properties.

Hamzat explained that residents' savings capacity and income would be important in determining their ability to access mortgage financing.

He cited a property costing N7 million as an example, saying a buyer could pay a 10 per cent initial deposit of N700,000 and spread the balance over 10 years.

He said monthly repayments could vary according to the buyer's income, with some borrowers potentially paying between N25,000 and N35,000 monthly.

Hamzat said the state was also using the Lagos State Residents Registration Agency system to establish residents' identity, address and place of work as part of efforts to assess their ability to obtain housing finance.

He, however, acknowledged that housing affordability was linked to broader economic conditions, stressing the need for people to earn better incomes.

The deputy governor said improving economic stability and household purchasing power would make it easier for residents to manage housing and other living costs.