A recent BusinessDay Talk Exchange poll on the ‘State of Housing in Nigeria’ found that 72 percent of Nigerian workers spend a disproportionately high amount—40 percent or more—of their annual salaries on house rents and related housing expenses.
A significant portion of Nigerian workers are dedicating a substantial share of their income to housing, according to the recently conducted BusinessDay Talk Exchange poll on the ‘State of Housing in Nigeria.’
The survey’s findings reveal that about seven in ten workers, specifically “72 percent of respondents,” spend between four and six months of their annual salaries on house rents and housing-related matters. This translates to approximately “40 percent of their incomes.”
The high expenditure on housing raises serious questions regarding the financial sustainability for numerous households. Such a heavy burden on salaries forces families to significantly “grapple with other basic necessities” like food, healthcare, and education. The data underscores the severe strain that escalating housing costs place on the average Nigerian worker’s finances.