Even top 5% can't buy a home in Mumbai: Study suggests over 100 years of saving still not enough for a 1,000 sqft house
Even for the top 5% of urban earners in Maharashtra, it would take over 100 years of saving to afford a home in Mumbai. In Haryana and Odisha, the wealthiest families would need more than 50 years to buy a house in their largest cities. In stark contrast, Chandigarh stands out as the most affordable state capital, reported ToI.
In Maharashtra, the top 5% of urban households have a Monthly Per Capita Expenditure (MPCE) of ₹22,352. For a family of four, that translates to a monthly income of ₹89,408, or about ₹10.7 lakh annually.
Assuming a savings rate of 30.2%, these families would save roughly ₹3.2 lakh a year. Meanwhile, data from the National Housing Bank (NHB) shows that as of March 2025, the average price per square foot for a home with a carpet area between 645 and 1,184 sq ft in Mumbai was ₹29,911.
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This means a typical 1,184 sq ft home would cost over ₹3.5 crore. At their current savings rate, the top 5% urban families in Maharashtra would need to save for 109 years to afford such a home.
A similar calculation shows that for the top 5% urban families in Haryana, it would take 63 years to afford a house of similar size in Gurgaon. In Bhubaneswar, it would take more than 50 years of savings for Odisha's richest 5% urbanites to afford a house.
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Of the 21 state capitals for which carpet area price data was available from NHB, in 10 it would take more than 30 years of savings to buy a house. Chandigarh is the most affordable, as 15 years of savings will be enough to buy a 1,184 square feet house. Jaipur is the only other city where less than 20 years of savings would suffice.
(with TOI Inputs)
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