A new report has ranked Lagos, the nation's commercial nerve centre as the third least of world cities that are highly unaffordable for renters.
It is said that Lagos rent is at $355 (N129, 575) per month while the household income is $625 (N228, 125), making the city the third behind Manhattan, New york city with 59 per cent and Mexico City with 60 percent. It also identified the three least cities as vibrant urban hubs with thriving or emerging economies but unaffordable for renters
The ranking is coming on heels of the global professional services firm, Price Water Corporation (Pwc) Opportunity report that listed Lagos at 28 position of 30 cities. In its latest Cities of Opportunity report, PwC has also set up what is basically the shortlist of the world's best cities to work and live in.
Lagos residents cough out an astounding 57per cent of their income on rent, while in Mexico City, the median household income barely hits the $14,500 mark and yearly rent amounts to $8,640 on avg.
That puts Mexico City first among the world's most unaffordable cities for renters with a 60per cent rent burden. Not even London, which PwC declared the world's best city to live and work in escapes the affordability woes.