New data shows middle-class Indians need over 100 years to buy a simple home in Mumbai. This highlights a housing problem. It’s not just about cost. It’s also about the country failing its workers.
Chandralekha MR, a startup founder, corrected a viral post on LinkedIn. She explained it’s Mumbai’s middle class, not the rich, facing a 109-year wait. She stated that the idea of the rich needing 109 years is false. The truth is the middle class needs that long.
Her math is shocking. With a ₹10.7 lakh yearly income and saving ₹3.2 lakh yearly, a family needs over 100 years. This is to buy a ₹3.54 crore home.
This problem affects more than Mumbai. Gurugram takes 64 years. Kolkata needs 39 years. Bengaluru, once seen as cheap, now takes 36 years.
This is for the top 5% of earners. For the 82% earning under ₹10 lakh yearly, a home in any big city is a distant hope. This assumes no inherited money, no extra income, or heavy debt.
India’s home loans show this struggle. The total reached ₹33.53 trillion in 2024. This is a 14% rise from last year. Loans are larger. Terms are longer. Financial worries are growing.
Experts say the issue is bigger than just loans. Saurabh Mukherjea of Marcellus says the “salaryman” era is over. He warns that those seeking job promotions and raises are next. He believes middle-class Indians cannot count on steady jobs or income.
They must now sell their skills like business owners. This is happening as jobs in IT, finance, and media are reduced by automation and AI.
Real pay has not increased for ten years. Prices and debt have gone up. Household savings are at a 50-year low. Young workers face a hard choice. They can seek progress in costly cities. Or they can give up the dream of owning a home.