Many citizens cannot secure formal residential land in the developing countries, of which Nigeria is a typical one, despite concerted efforts of governments to make land available at affordable prices. With the administration of questionnaires, this paper examined socioeconomic determinants of formal residential land affordability in Ibadan. Thirty (30) schemes/estates were purposively sampled for the study. The study population was all the 17, 473 plot allottees in the schemes and a sample frame of 4,602 from where 354 original plot allottees was adopted as sampling size. Systematic sampling was used for plot density: with medium density having 185 copies; high density had 152 copies and 17 copies for low density plot allottees. Statistical analysis was carried out with the aid of frequency and simple percentage and inferential tools; correlation and regression, using SPSS. Regression analysis test result of affordability at F 16.895 is significant means that access to loan and educational level attained by the plot allottees, their income level and family size at the time of plot allocation are important factors that determine level of residential land affordability in the study area. The paper concluded that government should not relent in educating its citizens and resuscitate mortgage system.Â