High earners in Mumbai face a significant challenge. They need 109 years to save for an average home. This shows major affordability problems in city housing. Such trends demand immediate housing policy reviews. Property values are climbing rapidly in big cities.
Even Maharashtra’s wealthiest families struggle to buy homes in Mumbai. Top earners, making ₹10.7 lakh monthly, need 109 years. This is according to a Times of India report. They calculated this for an average home in India’s financial center.
The study used data from the National Housing Board. It also included urban income figures. This analysis covered 21 state capitals. Mumbai’s average cost was ₹29,911 per square foot in March 2025. A typical 1,184 sq. ft. home costs about ₹3.54 crore. Top 5% households save ₹3.2 lakh yearly. This highlights a large affordability gap.
Gurgaon ranks as the second least affordable city. Its top earners need 64 years to save. Bengaluru and Delhi require slightly less time. They need 36 and 35 years, respectively. Chandigarh is the most affordable city. High earners there can buy a home in 15 years.
This data sparked online discussions. Many users expressed surprise at the long saving times. Others felt it was a clear signal. They called for re-evaluating city housing plans and infrastructure.
Property prices are rising sharply in major markets. A recent ANAROCK report noted this. It showed a 23% annual increase in prices. This affected India’s top seven cities. Average home prices reached ₹1.23 crore. This was between April and September 2024.
The NCR region saw the biggest price jump. Prices rose 56%, averaging over ₹1.45 crore. Bengaluru followed with a 44% increase. Hyderabad saw a 37% rise. Mumbai saw the most homes sold. Pune and NCR also had high sales volumes.
Wealthy Indians living abroad are also buying more homes. Overseas Indians will likely buy 20% of luxury homes. This is expected by 2025. Online platforms are also boosting this trend.
Affordability is decreasing for everyone. Even high earners face difficulties. This gap shows deep issues in urban real estate. It’s especially true in large cities like Mumbai. Limited land, complex rules, and speculation push homeownership further away.