For many young Nigerians, the dream of owning a home is becoming increasingly challenging. Soaring property prices, limited access to affordable mortgages, and economic instability have made home ownership seem out of reach, even for those with steady jobs and ambitions to settle down
With rising inflation, unstable incomes, and soaring property prices, housing is increasingly beyond the reach of the average young Nigerian. In major cities like Lagos and Abuja, land prices have surged dramatically in the last decade, with even small plots in urban centers costing several millions of naira.
According to research, Nigeria Mortgage has a very high Interest rate which range from 15% to 25%, making monthly payments unaffordable for most young people in Nigeria coupled with the high rate of unemployment amongst the youths
Housing policies have also failed to keep pace with the country’s fast-growing population with the increase in the rate of unemployed youths in Nigeria
According to Housing advocate and Urban Planner Musa Ibrahim, home ownership for young Nigerians is more than a personal goal it is an important driver of economic stability. “When young people own homes, they are more likely to invest in their communities and contribute to local economic growth,”
The government has made several attempts to address the problem through schemes such as the National Housing Fund (NHF) and partnerships with private developers. However, many Nigerian youth find the process discouraging or the housing options too expensive.
Some youths are now turning to cooperative societies, joint savings schemes, and real estate crowdfunding as alternative routes to home ownership. Others are exploring opportunities in satellite towns and emerging suburbs where land remains relatively affordable.
Despite the odds, many youths still believe that with better government policies, lower mortgage rates, and innovative housing solutions, the next generation of Nigerians may yet have a fair shot at turning their dream of home ownership into reality.
