Lagos is one of the most vibrant and economically active cities in Nigeria. While it is known for its high cost of living, there are still several areas where you can still find budget-friendly homes. Whether your goal is to buy or rent,  this guide will help you identify the most affordable places to live in Lagos without compromising comfort and accessibility. 

 

Are you ready? Let’s get started!

 

Why Consider Budget-Friendly Areas in Lagos?

Lagos is a bustling megacity with a high demand for housing, which often drives property prices up. However, some areas still offer affordable housing options. Here’s why considering budget-friendly locations is a great idea:

• Lower cost of living – Rent and property prices are more affordable.
• Growing infrastructure – Many of these areas are undergoing rapid development.
• Investment opportunities – Buying property in these areas can yield high returns as Lagos expands.
• Reduced congestion – Some affordable areas offer a break from the chaos of central Lagos.

 

Best Places to Find Budget-Friendly Homes in Lagos

 

1. Ikorodu 

 

 

 

 

Ikorodu is one of the most affordable locations in Lagos with ongoing infrastructural developments. If you are looking for cheap flats in Lagos, Ikorodu is a good option. 

• Average rent & house prices: The average cost of renting flats in Ikorodu is ₦300K/year, and the cost of land ranges from ₦1.5M upward. Housing properties like a 2-bedroom flat can fetch you anything from 15 Million Naira upward. 

What are the pros and cons of living in Ikorodu? 

 

• Pros: Growing infrastructure, affordable land, and good long-term investment opportunities.
• Cons: Distance from central Lagos and traffic congestion during peak hours.

 

 

2. Agege

Agege is an excellent option for anyone renting a home in Lagos. The area has a steadily growing population and offers a diverse mix of residential properties, from traditional homes to modern apartments, making it suitable for different budgets and lifestyles.

One of Agege’s biggest advantages is its accessibility. The area is well-connected to other parts of Lagos through an efficient transportation system. Its proximity to the Lagos-Abeokuta Expressway makes commuting seamless, whether for work, business, or leisure.

Additionally, Agege has numerous commercial hubs, markets, schools, and healthcare facilities, ensuring that residents have access to essential services without needing to travel far.

With its combination of affordability, convenience, and vibrant community life, Agege affordable properties remain a strong contender for renters seeking a well-located, low-rental cost in Lagos.

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Rental Prices:

• 1-Bedroom Flats: Typically range from ₦300,000 to ₦600,000 per year.
• 3-Bedroom Flats: Generally between ₦700,000 and ₦1,200,000 per year.

Property Purchase Prices:

• 3-Bedroom Bungalows: Prices range from ₦20 million to ₦35 million.
• 4-Bedroom Duplexes: Typically priced between ₦40 million and ₦60 million

 

3. Badagry

 

 

 

 

 

 

Badagry,  located in the western part of Lagos, is steadily emerging as a promising real estate hub. Known for its rich history and cultural heritage, this coastal town is attracting both investors and home seekers looking for affordable housing options. The area’s scenic environment, proximity to the Lagos-Badagry Expressway, and ongoing infrastructural projects make it a great choice for those seeking budget-friendly living while still enjoying future appreciation in property value.

Average Rent & Property Prices:

• Rental Prices: Flats are available from as low as ₦200,000 per year, making Badagry one of the most affordable places to live in Lagos.
• Land Prices: Plots of land start from ₦1 million, presenting a great opportunity for investors looking to buy land at a relatively low cost before prices increase.

Why Consider Living or Investing in Badagry?

1. Affordable Housing & Land – Compared to the mainland and island areas of Lagos, Badagry offers significantly lower rent and land prices, making homeownership more accessible.
2. Great Road Connectivity – The Lagos-Badagry Expressway provides a direct route to central Lagos, making commuting easier for residents and business owners.
3.  Tourism & Economic Growth Potential – Badagry is home to major historical and tourist attractions, such as the Badagry Slave Museum, the First Storey Building in Nigeria, and the Whispering Palms Resort. With increasing government attention on tourism and infrastructure development, property values are expected to appreciate over time.

Badagry presents an excellent opportunity for individuals and investors looking for budget-friendly housing in Lagos. With its blend of affordability, tourism appeal, and future growth prospects, it is an area to watch in the coming years. 

 

Related: Top 6 Locations You Can Get Cheap and Affordable Lands in Lagos

 

4. Epe – The New Lagos Real Estate Hotspot

 

 

 

 

 

 

 

Epe has rapidly transformed into one of Lagos’ most promising real estate destinations, attracting investors and homebuyers alike. With significant government investments, infrastructural projects, and increasing urbanization, this once-overlooked area is now a prime location for affordable and high-return property investments.

Average Rent & Property Prices in Epe

• Rental Prices: Flats in Epe are available from ₦350,000 per year, making it an affordable alternative to central Lagos.
• Land Prices: Land plots start from ₦2 million, offering investors an opportunity to buy at relatively low rates before prices soar due to ongoing development.

Why Epe is a Real Estate Goldmine

1. Government-Backed Development – The Lagos State Government has been actively investing in Epe’s infrastructure, including road networks, schools, and public utilities, making it a well-planned city in the making.
2.  Strategic Location & Free Trade Zone – Epe’s proximity to the Lekki Free Trade Zone, a major economic hub, has boosted its appeal. With ongoing industrial and commercial projects in the area, property values are expected to rise significantly.
3. Close to Dangote Refinery & Deep Seaport – Epe benefits from its accessibility to major economic projects like the Dangote Refinery, Lekki Deep Seaport, and Alaro City, making it a strategic investment location for real estate developers and businesses.
4. Affordable Land for Future Growth – Compared to Ikoyi, Victoria Island, and Lekki, where land prices are extremely high, Epe offers an attractive alternative for investors seeking long-term appreciation.
5. Improved Road Networks – The Lagos State Government has embarked on several road construction and expansion projects, such as the Lekki-Epe Expressway, enhancing accessibility to the rest of Lagos.

Epe is quickly becoming one of the most sought-after real estate locations in Lagos, thanks to its affordability, strategic economic positioning, and ongoing government projects. While it is still developing, the rapid urbanization and upcoming infrastructure improvements make it a prime location for real estate investment. For those looking to buy land or rental properties at relatively low prices before the area fully matures, now is the perfect time to explore opportunities in Epe.

Related: Why Buying Land In Epe Is A Good Investment

 

5. Alimosho 

 

Alimosho is the largest local government area in Lagos and offers some of the most affordable housing in Lagos mainland.

• Average rent & house prices: Flats from ₦400K/year, land from ₦5M.
• Pros: Good road network, proximity to major areas, and lower housing costs compared to Ikeja and Surulere.
• Cons: High population density and occasional water and electricity challenges.

If you’re looking for affordable houses in Alimosho, this area offers many budget-friendly choices.

• Average rent & house prices: Flats from ₦400K/year, land from ₦5M.
• Pros: Good road network, proximity to major areas, and lower housing costs compared to Ikeja and Surulere.
• Cons: High population density and occasional water and electricity challenges.

 

6. Sangotedo 

Looking for affordable homes in Lagos without sacrificing modern amenities? Sangotedo affordable apartments offer budget-conscious home seekers and investors the best of both worlds. Located along the Lekki-Epe Expressway, Sangotedo provides more affordable options than Lekki and Ajah while maintaining proximity to key business hubs.

Average Prices:

• Properties: From ₦50 million

• Rent: Flats from ₦600K/yearWhy Choose Sangotedo?

• More affordable than Lekki & Ajah
• Close to Novare Mall, schools, and hospitals
• Good road networks and growing infrastructure

For anyone looking for budget-friendly housing in Lagos, Sangotedo offers great value and a strategic location.

With its mix of affordability, convenience, and investment potential, Sangotedo is a smart choice for anyone looking to own or rent a home in Lagos without breaking the bank!

 

Additional Tips for Finding Affordable Homes in Lagos

1. Use Real Estate Websites

• www.thinkmint.ng/buy-realestate PropertyPro.ng, PrivateProperty.com.ng, and NigeriaPropertyCentre.com regularly update listings on affordable homes.

2. Join Local Real Estate Groups

• Telegram, Facebook, and WhatsApp real estate communities often share good deals on properties.

3. Explore Government Housing Schemes

• Government housing schemes like the  Lagos State Home Ownership Mortgage Scheme (LAGOSHOMS) provide opportunities for affordable home ownership.
• National Housing Fund (NHF) Loans allow you to secure low-interest housing loans.

4. Negotiate Prices

• Always bargain with landlords and agents to get the best deal.

5. Avoid Real Estate Scams

• Verify land titles and documents before making payments.
• Work with trusted agents and legal professionals.

 

Frequently Asked Questions (FAQs) on Affordable Homes in Lagos

1. What are the cheapest places to rent a house in Lagos?

Some of the most affordable areas to rent in Lagos include Ikorodu, Agege, Badagry, Alimosho, and Epe. These areas offer budget-friendly housing options with growing infrastructure and accessibility to other parts of Lagos.

2. Where can I find low-cost land for sale in Lagos?

If you’re looking for cheap land in Lagos, consider Epe, Badagry, Ikorodu, and Sangotedo. These areas have relatively lower land prices compared to highbrow locations like Lekki and Victoria Island.

3. What are the best locations for budget-friendly housing in Lagos?

Some of the best areas for affordable real estate in Lagos include:

• Ikorodu – Cheap flats and good investment potential
• Badagry – Budget-friendly rent and land, plus tourism potential
• Epe – Fast-growing with affordable housing and land opportunities
• Alimosho – Affordable homes with access to major areas
• Sangotedo – Offers lower housing costs compared to Lekki and Ajah

 

4. Are there government housing schemes in Lagos for affordable homeownership?

Yes, the Lagos State Home Ownership Mortgage Scheme (LAGOSHOMS) provides mortgage opportunities for low- and middle-income earners. You can also apply for the National Housing Fund (NHF) Loan, which offers low-interest housing loans.

 

5. Which areas in Lagos have low rental costs for families?

For families looking for affordable rent in Lagos mainland, Alimosho, Ikorodu, and Badagry offer spacious family homes at lower prices compared to Ikeja or Surulere.

 

Conclusion

Finding budget-friendly homes in Lagos is possible if you know where to look. Locations like Ikorodu, Mowe, Badagry, Epe, and Alimosho offer affordable housing with promising future growth. Whether you are looking to rent or buy, thorough research and savvy negotiations can help you secure a good deal

Finding a budget-friendly home in Lagos doesn’t have to be stressful! Whether you’re looking for affordable land or a home with an affordable initial deposit and flexible payment plan, Thinkmint Nigeria has you covered. Explore our wide range of properties with flexible payment options today! Click below to find the perfect home that fits your budget: https://www.thinkmint.ng/buyrealestate/

For more inquiries, you can also call or send a WhatsApp message to this number: 0809 784 5065