Adequate shelter for all people is one of the pressing challenges faced by developing countries. The dream of owning a house, particularly for low-income and middle-income families is becoming a difficult reality. Hence, it has become a necessity to adopt cost-effective, innovative, and environment-friendly housing technologies for the construction of houses and buildings for enabling the common people to construct houses at affordable cost. Census in the early Fifties showed that there were about 56 cities in the country and about 10.6 percent of the total population lived in these cities. This rose dramatically to 19.1 percent in 1963 and 24.5 percent in 1985. Today, the national population is estimated to be about 180 million with the urban population constituting about 60 percent. The phenomenal rise in population, number, and size of our cities over the past few years has manifested in the acute shortage of dwelling units which resulted in overcrowding, high rents, poor urban living conditions, low infrastructure services, and indeed high crime rates. Various programs have been implemented to address the housing problem. Despite all these interventions, Nigeria’s housing problems still remain intractable. This research compares construction costs for traditional and low-cost housing technologies. Nigeria is used as a case study for the investigation. Construction methods of foundation, walling, roofing, and lintel are compared. Strength and durability of the structure, stability, safety, and mental satisfaction are factors that assume top priority during cost reduction. It was found from the questionnaire analysis that about 26.11% and 22.68% of the construction cost can be saved by using low-cost housing technologies in comparison with the traditional construction methods in the case studies for walling and roofing respectively. This proves that using low-cost housing technologies is a cost-effective construction approach for the industry.