How much money do you need to live in Lagos

How much money do you need to live in Lagos?

Lagos is one of the best cities to live in. It is highly populated with people from different walks of life. It’s no surprise as the city offers a vibrant lifestyle, and immense commercial opportunities for everyone, regardless of their background.

The cost of living in Lagos can be somewhat high, but this largely depends on individual spending habits and lifestyle choices.

If you’re considering making Lagos your home or currently reside in the city, it’s important to ask yourself, “How much do I need to live in this bustling metropolis?”

In this blog post, we’ll provide a detailed overview of the costs associated with living in Lagos, including housing, transportation, food, healthcare, and more. Our aim is to help you gain a better understanding of what it takes to thrive in this mega city.

Is Lagos an Expensive City to Live?

Compared to other top cities in the world, Lagos is considered an inexpensive place to live. However, within Nigeria, it’s one of the most costly cities to reside in, largely due to the cost of rent.

The cost of rent in Lagos is the most significant expense for anyone living in the city. The amount an individual pays for rent is largely dependent on their choice of location.

For instance, while rent in some areas can go as low as N100,000 per month, other areas such as Lagos Island can range from 2 million naira to 10 million naira.

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Despite the high cost of living in Lagos, it’s still possible to live on a budget by creating a financial plan and sticking to it.

How does the Average Lagosian spend their money?

Lagos is undoubtedly a city of opportunities, but it’s essential to take into account the financial considerations that come with living in the city. The cost of living in Lagos can vary significantly depending on personal choices, lifestyle, and location within the city.

When creating a budget for living in Lagos, it’s crucial to consider various factors. In the following section, we’ll discuss the most important factors to consider before moving to Lagos to help you plan your finances better.

Housing

Housing is often one of the most significant expenses for anyone living in Lagos. The cost of renting or owning a house varies widely depending on factors like location and the type of housing.

The cost of renting an apartment in Lagos can range from relatively affordable to quite expensive. In popular areas like Victoria Island or Lekki, a one-bedroom apartment might cost around ₦1,500,000 to ₦3,000,000 per year.

However, in less affluent neighborhoods like Agege, Ikorodu, and Ipaja, rents for similar apartments are more affordable, ranging from ₦300,000 to ₦800,000 per year.

Buying property in Lagos is a different ball game altogether. Owning a house in Lagos can be expensive, but it is a better option if you have the finances for it.

Transportation

Getting around in Lagos can be stressful if you don’t have the right resources. The city has an extensive public transport system that offers transport for as low as 100 naira per passenger.

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While owning a car may seem more convenient, Lagos is notorious for its bad roads. So, you’ll have to spend a lot on fuel and other maintenance expenses.

If you’re not earning enough to buy and maintain a car, you can take public transportation or ferries for Lagos island residents.

Healthcare

Access to quality healthcare facilities is crucial when living in Lagos. However, healthcare can be quite expensive, especially if you’re used to a working system.

To protect yourself and your family from high medical bills, it’s advisable to consider health insurance.

Health insurance will provide coverage for your medical expenses and give you peace of mind knowing that you’re financially protected in case of any medical emergencies.

Food

The cost of food in Lagos depends on whether you choose to eat out or shop for groceries. Additionally, where you shop or eat also matters.

Eating at local bukkas and eateries in Lagos is relatively affordable, with meals ranging from 500 naira to 1,000 naira. However, for a more luxurious experience, high-end restaurants offer meals in the range of 5,000 naira to 100,000 naira.

If you prefer to stock up on food at home, consider visiting markets like Mile 12 for affordable, fresh produce in large quantities. You might also want to check out grocery shops like ShopRite and Ebeano for packaged food items.

Utilities

It’s important to manage your utility bills effectively when living in Lagos. Lagos residents often supplement the power supply with generators due to frequent power outages.

Monthly electricity bills in Lagos can range from ₦20,000 to ₦50,000 or more, depending on usage. Fuel prices are also at an all-time high, further increasing the cost of running a generator.

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It’s essential to understand your budget and priorities to make the most of your time in this exciting city.

How much do you need to live comfortably in Lagos?

The cost of living in Lagos is influenced by various factors such as your income, location, and lifestyle. For instance, a banker residing in Lekki may spend more on transportation, food, and other necessities than a banker living in Iyana Ipaja.

As a single person living alone in Lagos, you can expect to spend around 150,000 naira per month on housing, food, and other basic needs.

However, a married professional with a family and several dependents may need to spend more, typically around 300,000 naira per month, for various essential needs.

To live comfortably in Lagos, it’s essential to plan your finances carefully.

Despite the high cost of living in the city, it’s possible to thrive with a moderate income, provided you manage your expenses wisely.

Here is a rough breakdown of monthly expenses for an average person living in Lagos.

ExpensesEstimated price per month in Naira
Transportation N30,000
UtilitiesN20,000 – 40,000
Food & GroceriesN50,000
Rent N20,000 – 50,000 monthly
EntertainmentN5,000 – 10,000
HealthcareN15,000
Personal CareN10,000
ClothingsN10,000

Wrap Up

Living in Lagos can be affordable and comfortable, depending on how you choose to live.

To make the most of your time in this vibrant and exciting city, it’s important to understand your needs and priorities and budget properly.

With careful financial planning and budgeting, it is possible to enjoy a comfortable life in Lagos without breaking the bank.

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