Cost Of Living in Lagos 2025
Average monthly spending for singles, couples, students, and families in Lagos
Whether you're living in Lagos or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure
Currency: NGN
Monthly Expenditure ▶ Single
Currency: NGN
Monthly Expenditure ▶ Couple
Currency: NGN
Monthly Expenditure ▶ Family
Currency: NGN
Monthly Expenditure ▶ Student
Currency: NGN
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Lagos is 270,000 NGN. Expenses can range from 38,000 NGN at the minimum level to 1.8M NGN at the highest end.
Couples
The average monthly spending of couples in Lagos is 450,000 NGN. Expenditure can range from 150,000 NGN to 2.4M NGN per month.
Families
The average cost of living for families in Lagos is 610,000 NGN per month. Families spend anywhere from 210,000 NGN to 3.9M NGN.
Students
The average monthly expenditure for students in Lagos is 200,000 NGN. Students spend from 30,000 NGN to 1.4M NGN per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Prices and cost of goods and services in Lagos
Dining, food, and beverages costs
Fast food combo meal
360 NGN | 710 NGN | 1,200 NGN |
Restaurant meal for one
1,200 NGN | 1,900 NGN | 3,700 NGN |
Fine dining meal for one
2,500 NGN | 3,700 NGN | 15,000 NGN |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
470 NGN | 710 NGN | 1,400 NGN |
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
1,800 NGN | 2,400 NGN | 4,700 NGN |
Average car 1-day rental
1,900 NGN | 2,600 NGN | 3,900 NGN |
Average car price
890,000 NGN | 1.8M NGN | 2.4M NGN |
Bus ticket one way
Car Service
2,600 NGN | 3,900 NGN | 7,800 NGN |
Utility cost (monthly)
Utility Bill - Individual
2,300 NGN | 16,000 NGN | 110,000 NGN |
Utility Bill - Couple
6,100 NGN | 20,000 NGN | 130,000 NGN |
Utility Bill - Family
11,000 NGN | 30,000 NGN | 200,000 NGN |
Internet and cable
1,800 NGN | 3,600 NGN | 4,700 NGN |
Mobile phone charges
1,400 NGN | 2,400 NGN | 7,100 NGN |
Leisure and activities costs
Movie ticket
890 NGN | 1,200 NGN | 1,800 NGN |
One month gym membership
3,100 NGN | 3,900 NGN | 7,800 NGN |
Cloths and accessories costs
Pair of jeans or pants
2,300 NGN | 3,200 NGN | 4,900 NGN |
Woman dress
2,200 NGN | 3,000 NGN | 9,700 NGN |
Woman shoes
2,000 NGN | 2,800 NGN | 6,500 NGN |
Men's shoes
1,800 NGN | 2,200 NGN | 4,300 NGN |
Men suit
1,900 NGN | 2,400 NGN | 13,000 NGN |
Regular t-shirt
970 NGN | 1,300 NGN | 3,900 NGN |
Housing costs / monthly rent
Studio apartment
32,000 NGN | 49,000 NGN | 130,000 NGN |
1-bedroom apartment
49,000 NGN | 78,000 NGN | 190,000 NGN |
2-bedroom apartment
65,000 NGN | 97,000 NGN | 260,000 NGN |
Housing costs / Buying
Studio apartment
6.5M NGN | 9.7M NGN | 19M NGN |
1-bedroom apartment
2-bedroom apartment
Furniture Costs
King Size Bed
36,000 NGN | 44,000 NGN | 59,000 NGN |
Double Bed
24,000 NGN | 36,000 NGN | 44,000 NGN |
Single Bed
21,000 NGN | 27,000 NGN | 36,000 NGN |
Living Room
39,000 NGN | 51,000 NGN | 180,000 NGN |
Dining Table
18,000 NGN | 24,000 NGN | 44,000 NGN |
Sofa or Couch
24,000 NGN | 32,000 NGN | 71,000 NGN |
Electronics and House Appliance Costs
TV Set
24,000 NGN | 36,000 NGN | 71,000 NGN |
Fridge or Freezer
21,000 NGN | 32,000 NGN | 44,000 NGN |
Washing Machine
27,000 NGN | 39,000 NGN | 71,000 NGN |
Stove or Cooker
25,000 NGN | 32,000 NGN | 44,000 NGN |
Mobile Phone
30,000 NGN | 36,000 NGN | 51,000 NGN |
Laptop or Computer
32,000 NGN | 39,000 NGN | 71,000 NGN |
Expenditure to Income Ratio in Lagos
One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.
Spending to Income Ratio
100%
93% to 110%
( expenditure / income ) x 100
Expense to income distribution levels
Spending To Income Ratio | % People |
---|
< 50% | 4% |
50% - 60% | 9% |
60% - 70% | 15% |
70% - 80% | 25% |
80% - 90% | 20% |
90% - 100% | 11% |
100% - 110% | 6% |
110% - 120% | 4% |
120% - 130% | 3% |
130% - 140% | 2% |
> 140% | 2% |
Interpretation and Analysis
The average spending-to-salary ratio in Lagos is 100%
This means that on average, people spend around 100% of their income for living.
According to the distribution table, 15% of the population spend approximately 60% to 70% of their income every month.
How can spending be more than income?
A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.
Individual
91%
Spending-Income-Ratio
84%
99%
Couple
96%
Spending-Income-Ratio
88%
100%
Family
110%
Spending-Income-Ratio
97%
120%
How do people spend their money in Lagos?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.
Housing Expenditure23%
23% of total expenses on average (12% to 31%)
LOW | $5.9 9,100 NGN |
AVERAGE | $76 120,000 NGN |
HIGH | $760 1.2M NGN |
| Per Month |
People living in Lagos typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 120,000 NGN with expenditure ranging from 9,100 NGN to 1.2M NGN. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water, Internet, Mobile8%
8% of total expenses on average (5% to 12%)
LOW | $0.98 1,500 NGN |
AVERAGE | $13 20,000 NGN |
HIGH | $130 200,000 NGN |
| Per Month |
Utility expenditure like electricity, water, and gas in Lagos ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 20,000 NGN with 1,500 NGN and 200,000 NGN being the upper and lower limits.
Transport, Fuel, Commute7%
7% of total expenses on average (3% to 11%)
LOW | $2 3,000 NGN |
AVERAGE | $25 39,000 NGN |
HIGH | $250 390,000 NGN |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 3,000 NGN to 390,000 NGN on commuting with 39,000 NGN being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.
Food and Groceries Cost28%
28% of total expenses on average (20% to 34%)
LOW | $4.9 7,600 NGN |
AVERAGE | $64 99,000 NGN |
HIGH | $640 990,000 NGN |
| Per Month |
The average outlay on groceries in a month in Lagos is 99,000 NGN. The cost of groceries can range between 7,600 NGN to 990,000 NGN. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.
Healthcare and Medical Services10%
10% of total expenses on average (5% to 13%)
LOW | $1.4 2,100 NGN |
AVERAGE | $18 28,000 NGN |
HIGH | $180 280,000 NGN |
| Per Month |
People in Lagos allocate 5% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 10%. The range of medical expenses range from 2,100 NGN to 280,000 NGN with 28,000 NGN being the norm.
Leisure and Shopping4%
4% of total expenses on average (2% to 8%)
LOW | $0.78 1,200 NGN |
AVERAGE | $10 16,000 NGN |
HIGH | $100 160,000 NGN |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 1,200 NGN to 160,000 NGN with 16,000 NGN being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.
Education and Schooling5%
5% of total expenses on average (3% to 11%)
LOW | $1.2 1,800 NGN |
AVERAGE | $15 24,000 NGN |
HIGH | $150 240,000 NGN |
| Per Month |
Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 24,000 NGN per month with 1,800 NGN being the minimum spent amount and 240,000 NGN being the maximum.
Other Expenses14%
14% of total expenses on average (9% to 21%)
LOW | $2.5 3,900 NGN |
AVERAGE | $33 51,000 NGN |
HIGH | $330 510,000 NGN |
| Per Month |
How much money can you save in Lagos every month?
We asked thousands of people what percentage of their income can they save in a month. Below are the answers.
What percentage of people in Lagos manage to save money from their income every month?
Almost 56% of the surveyed people in Lagos said that they can save some money at the end of each month while 44% said that aren't saving anything.
Percentage of people saving money by population group in Lagos
Group | Savers | Non Savers |
---|
Singles | 63% | 37% |
Couples | 58% | 42% |
Families | 52% | 48% |
Savings-to-Income Ratio
The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.
Saving to Income Ratio
Average Monthly Saved Amount
8,600 NGN $5.6 | 110,000 NGN $72 | 1.1M NGN $720 |
For most people, 9.2% to 32% of their monthly income is what they can allocate to their savings, with 17% being the average. The amount of money that people can save is approximately 110,000 NGN on average with savings ranging from 8,600 NGN to 1.1M NGN.
63% of surveyed singles reported some of their income going to savings while 58% of couples said the same. 52% of families confirmed their ability to save money.
How much money do people actually save in Lagos?
The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
8,600 NGN $5.6 | 77,000 NGN $50 | 520,000 NGN $330 |
Savings to income distribution levels for singles
Saving To Income Ratio | % Singles |
---|
0% - 10% | 32% |
10% - 20% | 25% |
20% - 30% | 16% |
30% - 40% | 13% |
40% - 50% | 10% |
> 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 13% to 34% of their monthly income to savings, with 22% being the average for most singles. The average amount of money that singles are able to save is 77,000 NGN with 8,600 NGN and 520,000 NGN being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
43,000 NGN $28 | 130,000 NGN $83 | 690,000 NGN $440 |
Savings to income distribution levels for couples
Saving To Income Ratio | % Couples |
---|
0% - 10% | 36% |
10% - 20% | 27% |
20% - 30% | 19% |
30% - 40% | 8% |
40% - 50% | 7% |
> 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 10% to 33% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 130,000 NGN with 43,000 NGN and 690,000 NGN being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
60,000 NGN $39 | 170,000 NGN $110 | 1.1M NGN $720 |
Savings to income distribution levels for families
Saving To Income Ratio | % Families |
---|
0% - 10% | 39% |
10% - 20% | 30% |
20% - 30% | 20% |
30% - 40% | 5% |
40% - 50% | 4% |
> 50% | 2% |
Interpretation and Analysis
Families in Lagos can save anywhere between 9.2% to 30% of their monthly income, with 16% being the average for most families. The average amount of money that families can put aside is 170,000 NGN with 60,000 NGN and 1.1M NGN being the minimum and maximum respectively.
Saving Challenges in Lagos
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Lagos. Listed below are the answers given by the survey participants.
Reason | % People |
---|
Low Income | 5% |
High Expenses | 8% |
Debt and Loans | 13% |
Lack of Budgeting Skills | 12% |
Impulsive Spending | 12% |
Financial Emergencies | 7% |
Living the moment | 5% |
Will do it later | 21% |
Inflation | 13% |
Social Pressure | 3% |
Market Instability | 2% |
Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 13% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 12% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 21% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 13% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.
Typical saving choices for people in Lagos
Where do people choose to put their savings?
Saving Type | % People |
---|
Emergency Funds | 12% |
Gold | 13% |
Savings Accounts | 17% |
Retirement Accounts | 10% |
Cash Savings | 21% |
Real Estate | 9% |
Investment | 5% |
Stocks | 4% |
Bonds | 5% |
Mutual Funds | 2% |
Certificates of Deposit | 3% |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Lagos
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Lagos?
Around 48% of surveyed residents think that living in Lagos is affordable with proper budgeting while 52% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Lagos
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options60%
Few low-cost options41%
Based on the survey, 60% of the people living in Lagos have no problem finding low-cost alternatives to support a frugal lifestyle while 41% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Lagos whether they have an emergency fund and the answers were as follows.
Yes45%
No55%
Based on the survey, 55% of the people living in Lagos said that they don't have an emergency fund while 45% said that they do.
Financial Literacy in Nigeria
Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.
Financial Leteracy37%
We asked residents of Nigeria whether they acquired any adequate personal financial training in their lives. Approximately 63% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 37% said that they know about the general principles of personal finance from sources other than their own experience.
Difficulty in Budgeting and Financial Planning
We wanted to understand whether residents of Nigeria have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 62% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 38% said that they have everything under control.
Struggles with finance62%
Easily manages finances38%
Financial goals of people in Lagos
In an attempt to understand the economic situation in Lagos, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.
Financial Goal | % People |
---|
Emergency Fund | 8% |
Debt Reduction | 43% |
Retirement Savings | 10% |
Education Funding | 7% |
Homeownership | 18% |
Investing | 6% |
Travel or Lifestyle | 6% |
Healthcare Expenses | 14% |
Financial Independence | 5% |
Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 43% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 6% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 14% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Retirement, pension plans, and life after work in Lagos
What does the retirement lifestyle look like in Lagos and how much retirement savings are required?
Retirement age
The retirement age for most employees in Nigeria is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:Age | Amount |
---|
25 | 5x monthly salary at age 25 |
30 | 10x monthly salary at age 30 |
35 | 15x monthly salary at age 35 |
40 | 25x monthly salary at age 40 |
45 | 32x monthly salary at age 45 |
50 | 48x monthly salary at age 50 |
55 | 56x monthly salary at age 55 |
60 | 64x monthly salary at age 60 |
65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Lagos:Age | Amount |
---|
25 | 1M NGN |
30 | 2M NGN |
35 | 3.5M NGN |
40 | 5.1M NGN |
45 | 7.6M NGN |
50 | 11M NGN |
55 | 13M NGN |
60 | 16M NGN |
65 | 19M NGN |
Retirement Income Distribution
We asked residents of Lagos about their retirement income sources and below are the results.
Source | % People |
---|
Pensions | 12% |
Savings | 23% |
Investments | 12% |
Social Security | 7% |
Annuities | 7% |
Part-time Job | 15% |
Real Estate | 18% |
Dividends and Interest | 7% |
Retirement Monthly Expenses in Lagos 23,000 NGN $15 | 200,000 NGN $130 | 1.4M NGN $870 |
Debt, loans, and mortgages in Lagos
Percentage of people who are in debt
According to the survey, 39% of the people in Lagos have some kind of debt, loan, mortgage, or credit card payments while 61% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Lagos
Debt to income ratio
38%
29% to 47%
( monthly debt payment / monthly income ) x 100
Interpretation
The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 38% of the people's monthly income in Lagos goes to debt settlement.
Debt levels23>Monthly debt settlement payment as percentage of monthly income
Debt-to-income ratio | % People |
> 60% | 3% |
50% - 60% | 18% |
40% - 50% | 15% |
30% - 40% | 17% |
20% - 30% | 10% |
10% - 20% | 12% |
0% - 10% | 25% |
According to our data, 3% of the debtors in Lagos pay 60%+ of their income as debt settlement while 18% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 10% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Lagos
Debt | % People |
Real Estate Mortgage | 8% |
Auto Loan | 14% |
Student Loan | 4% |
Credit Card | 30% |
Personal Loan | 43% |
8% of debtors in Lagos confirm that real estate mortgages constitutes the main part of their outstanding debt while 30% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 14% of people and personal loans rose at 43%. Lastly, student loans are the main source of debt for 4% of debtors in Lagos.
About credit score and debt managementManaging debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.
Good debt vs. Bad debt
Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.
Loan Affordability Index in Lagos
Besides measuring the loan-to-income ratio, we asked residents of Lagos how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.
Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.
Frequency | % People |
Never | 50% |
Once a year | 24% |
Twice a year | 13% |
Three times a year | 9% |
Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Lagos
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Lagos
Monthly Rent Prices
Studio apartment monthly rent cost
32,000 NGN | 49,000 NGN | 130,000 NGN |
1-bedroom apartment monthly rent cost
49,000 NGN | 78,000 NGN | 190,000 NGN |
2-bedroom apartment monthly rent cost
65,000 NGN | 97,000 NGN | 260,000 NGN |
3-bedroom apartment monthly rent cost
78,000 NGN | 130,000 NGN | 350,000 NGN |
Furnished apartment monthly rent cost
160,000 NGN | 390,000 NGN | 780,000 NGN |
Townhouse monthly rent cost
130,000 NGN | 190,000 NGN | 560,000 NGN |
House monthly rent cost
160,000 NGN | 390,000 NGN | 780,000 NGN |
Villa monthly rent cost
190,000 NGN | 490,000 NGN | 780,000 NGN |
The monthly rental cost of a studio apartment in Lagos ranges between 32,000 NGN and 130,000 NGN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 49,000 NGN to 190,000 NGN. Two-bedroom rentals rate ranges between 65,000 NGN and 260,000 NGN per month. The monthly rental for a three-bedroom apartment ranges from 78,000 NGN to 350,000 NGN. The average rent of a townhouse in Lagos is around 190,000 NGN while house rental costs can be as high as 390,000 NGN per month. Finally, if you want to rent a villa, expect to pay anywhere from 190,000 NGN to 780,000 NGN per month.
Apartment and house prices in Lagos
Cost of buying a property
Studio apartment price
6.5M NGN | 9.7M NGN | 19M NGN |
1-bedroom apartment price
2-bedroom apartment price
3-bedroom apartment price
Townhouse price
56M NGN | 130M NGN | 490M NGN |
House price
65M NGN | 390M NGN | 560M NGN |
$42,000 | $250,000 | $360,000 |
Villa price
78M NGN | 430M NGN | 650M NGN |
$50,000 | $280,000 | $420,000 |
The average price of a studio apartment in Lagos can range from 6.5M NGN to 19M NGN depending on location. One bedroom cost can be anywhere from 7.8M NGN to 49M NGN. A villa can cost you 430M NGN on average with prices ranging from 78M NGN to 650M NGN.
If you're leasing or purchasing, housing costs in Lagos will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
33 | x90 monthly income | 215 |
Property prices in Lagos can be x90 to x215 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x90 multiples of the average monthly salary in Lagos.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Lagos is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 21% to 44% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
29% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
610 NGN | 7,900 NGN | 79,000 NGN |
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
Monthly costs and expenses of energy and basic utilities in Lagos
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Lagos
Utility Bill Cost / Electricity + Water + Gas / Individual
2,300 NGN | 16,000 NGN | 110,000 NGN |
Utility Bill Cost / Electricity + Water + Gas / Couple
6,100 NGN | 20,000 NGN | 130,000 NGN |
Utility Bill Cost / Electricity + Water + Gas / Family
11,000 NGN | 30,000 NGN | 200,000 NGN |
Internet and cable cost
1,800 NGN | 3,600 NGN | 4,700 NGN |
Mobile phone bill and charges
1,400 NGN | 2,400 NGN | 7,100 NGN |
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly expenditure for individuals on electricty, water, and gas in Lagos ranges between 2,300 NGN and 110,000 NGN with average being 16,000 NGN, meanwhile the expenditure of couples is slightly higher at 20,000 NGN with 6,100 NGN and 130,000 NGN being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 30,000 NGN. The cost of internet and WiFi is unchanged among the three groups and ranges from 1,800 NGN to 4,700 NGN with 3,600 NGN being the average internet bill. Finally, the average monthly mobile charges is around 2,400 NGN but can range between 1,400 NGN and 7,100 NGN depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Lagos is around 8%. This means that people pay 8% of their income for energy, water, internet, and mobile charges. Those figures can range from 4.6% to 13% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Lagos
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Lagos
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
360 NGN | 710 NGN | 1,200 NGN |
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Lagos is approximatly 710 NGN with meal cost ranging from 360 NGN to 1,200 NGN. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
1,200 NGN | 1,900 NGN | 3,700 NGN |
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,200 NGN and 3,700 NGN with 1,900 NGN being the average price of a plate for one person at a regular restaurant in Lagos.
Fine dining meal for one price
2,500 NGN | 3,700 NGN | 15,000 NGN |
The price range of a meal at fine-dining restaurant is 2,500 NGN to 15,000 NGN with the average cost being 3,700 NGN for one person. This is what you would expect to pay a top-tier diner in Lagos.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Lagos is around 470 NGN. Price ranges between 300 NGN and 710 NGN depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Lagos is 280 NGN. The maximum what you would pay for milk is 360 NGN and the minimum being 240 NGN depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 240 NGN on average with 180 NGN and 360 NGN being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Lagos is between 400 NGN and 740 NGN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 520 NGN.
Pack of beef price
470 NGN | 710 NGN | 1,400 NGN |
The price of a regular pack of beef or meat is around 710 NGN. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Lagos costs around 260 NGN on average with prices rangeing between 190 NGN and 370 NGN depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 71 NGN to 180 NGN. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 170 NGN on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Lagos is around 32%. This means that people spend 32% of their income on grocery and basic household items. The expenditure can range from 23% to 39% depending on salary and location.
Expenditure on food and grocery for every population group
A single person living alone spends approximately 44,000 NGN per month on grocery and food with expenditure fluctuating between 6,100 NGN and 290,000 NGN depending on location and the type of person. The average cost of food and groceries for a couple is around 64,000 NGN per month. That number can be get as low as 21,000 NGN or a high as 340,000 NGN. Families' spending on grocery ranges from 38,000 NGN to 710,000 NGN with the location, income, and size of the family being the most determinite factors.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Lagos
Housing cost for a single person29%
29% of total expenses on average (17% to 41%)
LOW | $8.9 14,000 NGN |
AVERAGE | $63 98,000 NGN |
HIGH | $420 650,000 NGN |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile9%
9% of total expenses on average (5% to 14%)
LOW | $1.5 2,300 NGN |
AVERAGE | $11 16,000 NGN |
HIGH | $70 110,000 NGN |
| Per Month |
Transport and Fuel Cost5%
5% of total expenses on average (3% to 11%)
LOW | $2 3,000 NGN |
AVERAGE | $14 22,000 NGN |
HIGH | $94 150,000 NGN |
| Per Month |
Food and Groceries Cost19%
19% of total expenses on average (13% to 24%)
LOW | $3.9 6,100 NGN |
AVERAGE | $28 44,000 NGN |
HIGH | $190 290,000 NGN |
| Per Month |
Healthcare Cost12%
12% of total expenses on average (6% to 16%)
LOW | $2.2 3,400 NGN |
AVERAGE | $16 25,000 NGN |
HIGH | $110 160,000 NGN |
| Per Month |
Leisure and Shopping Expenditure2%
2% of total expenses on average (2% to 5%)
LOW | $1.2 1,900 NGN |
AVERAGE | $8.8 14,000 NGN |
HIGH | $59 91,000 NGN |
| Per Month |
Education Cost1%
1% of total expenses on average (0.00% to 3%)
LOW | $0.49 760 NGN |
AVERAGE | $3.5 5,500 NGN |
HIGH | $23 36,000 NGN |
| Per Month |
Other Expenses22%
22% of total expenses on average (14% to 26%)
LOW | $4.4 6,900 NGN |
AVERAGE | $32 49,000 NGN |
HIGH | $210 330,000 NGN |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Lagos
Housing cost for a couple26%
26% of total expenses on average (19% to 36%)
LOW | $33 52,000 NGN |
AVERAGE | $100 150,000 NGN |
HIGH | $530 820,000 NGN |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile8%
8% of total expenses on average (6% to 12%)
LOW | $3.9 6,100 NGN |
AVERAGE | $13 20,000 NGN |
HIGH | $86 130,000 NGN |
| Per Month |
Transport and Fuel Cost9%
9% of total expenses on average (3% to 14%)
LOW | $12 18,000 NGN |
AVERAGE | $35 55,000 NGN |
HIGH | $190 290,000 NGN |
| Per Month |
Food and Groceries Cost17%
17% of total expenses on average (12% to 22%)
LOW | $14 21,000 NGN |
AVERAGE | $41 64,000 NGN |
HIGH | $220 340,000 NGN |
| Per Month |
Healthcare Cost14%
14% of total expenses on average (8% to 18%)
LOW | $11 17,000 NGN |
AVERAGE | $32 50,000 NGN |
HIGH | $170 270,000 NGN |
| Per Month |
Leisure and Shopping Cost3%
3% of total expenses on average (1% to 6%)
LOW | $5.9 9,100 NGN |
AVERAGE | $18 27,000 NGN |
HIGH | $94 150,000 NGN |
| Per Month |
Education Cost1%
1% of total expenses on average (0.00% to 3%)
LOW | $2 3,000 NGN |
AVERAGE | $5.9 9,100 NGN |
HIGH | $31 49,000 NGN |
| Per Month |
Other Expenses21%
21% of total expenses on average (15% to 27%)
LOW | $17 26,000 NGN |
AVERAGE | $50 77,000 NGN |
HIGH | $270 410,000 NGN |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Lagos
Housing cost for a family25%
25% of total expenses on average (20% to 35%)
LOW | $44 68,000 NGN |
AVERAGE | $130 190,000 NGN |
HIGH | $810 1.3M NGN |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile6%
6% of total expenses on average (4% to 9%)
LOW | $6.9 11,000 NGN |
AVERAGE | $20 30,000 NGN |
HIGH | $130 200,000 NGN |
| Per Month |
Transport and Fuel Expenses5%
5% of total expenses on average (3% to 7%)
LOW | $14 21,000 NGN |
AVERAGE | $39 61,000 NGN |
HIGH | $250 390,000 NGN |
| Per Month |
Food and Groceries Cost21%
21% of total expenses on average (14% to 27%)
LOW | $25 38,000 NGN |
AVERAGE | $70 110,000 NGN |
HIGH | $460 710,000 NGN |
| Per Month |
Healthcare Expenses11%
11% of total expenses on average (7% to 16%)
LOW | $12 19,000 NGN |
AVERAGE | $39 61,000 NGN |
HIGH | $200 320,000 NGN |
| Per Month |
Leisure and Shopping Cost2%
2% of total expenses on average (1% to 6%)
LOW | $6.9 11,000 NGN |
AVERAGE | $20 30,000 NGN |
HIGH | $130 200,000 NGN |
| Per Month |
Education Cost13%
13% of total expenses on average (6% to 21%)
LOW | $19 30,000 NGN |
AVERAGE | $55 85,000 NGN |
HIGH | $360 550,000 NGN |
| Per Month |
Other Expenses16%
16% of total expenses on average (9% to 21%)
LOW | $11 17,000 NGN |
AVERAGE | $31 49,000 NGN |
HIGH | $200 320,000 NGN |
| Per Month |
StudentCost of living and expenses break down for students living in Lagos
Housing costs for Student17%
17% of total expenses on average (12% to 23%)
LOW | $4.7 7,300 NGN |
AVERAGE | $31 49,000 NGN |
HIGH | $210 320,000 NGN |
| Per Month |
Utilities, Electricity, Water, Internet, and Mobile Expenses7%
7% of total expenses on average (5% to 11%)
LOW | $0.78 1,200 NGN |
AVERAGE | $5.2 8,100 NGN |
HIGH | $35 54,000 NGN |
| Per Month |
Transport and Fuel Cost4%
4% of total expenses on average (4% to 10%)
LOW | $1.4 2,100 NGN |
AVERAGE | $9.2 14,000 NGN |
HIGH | $61 95,000 NGN |
| Per Month |
Food and Groceries Expenditure23%
23% of total expenses on average (17% to 27%)
LOW | $3.9 6,100 NGN |
AVERAGE | $26 41,000 NGN |
HIGH | $170 270,000 NGN |
| Per Month |
Healthcare Cost9%
9% of total expenses on average (6% to 12%)
LOW | $1.2 1,800 NGN |
AVERAGE | $7.9 12,000 NGN |
HIGH | $52 81,000 NGN |
| Per Month |
Leisure and Shopping Cost2%
2% of total expenses on average (2% to 6%)
LOW | $0.98 1,500 NGN |
AVERAGE | $6.5 10,000 NGN |
HIGH | $44 68,000 NGN |
| Per Month |
Education Cost18%
18% of total expenses on average (11% to 23%)
LOW | $3.7 5,800 NGN |
AVERAGE | $25 39,000 NGN |
HIGH | $170 260,000 NGN |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
LOW | $2.9 4,500 NGN |
AVERAGE | $20 30,000 NGN |
HIGH | $130 200,000 NGN |
| Per Month |