109 years to buy a home in Mumbai? Yes, even for the top earners

1 / 9Owning a home in India’s biggest cities has long been a cherished dream—but for even the country’s wealthiest urban families, it’s increasingly out of reach. A new analysis, based on National Housing Board data and urban income estimates and featured in a recent Times of India report, reveals just how steep the affordability gap really is. (Image: Shutterstock)2 / 9The report compares the cost of an average 1,184 square foot home to the annual savings capacity of the top 5% of earners in each state, assuming a national average savings rate of 30.2%. The results are startling.3 / 9Mumbai | In Mumbai, Maharashtra’s financial capital and the country’s costliest housing market, even the richest urban households, earning around ₹10.7 lakh per month, would need to save for 109 years to afford an average home worth ₹3.5 crore. With a per-square-foot rate of ₹29,911 as of March 2025, the price point has pushed homeownership out of reach even for the financial elite, making Mumbai the least affordable city among 21 Indian capitals. (Image: Canva)4 / 9Gurgaon | Gurgaon, Haryana’s premier urban hub and part of the National Capital Region (NCR), isn’t far behind. The top 5% of earners in the state would still need to save for 64 years to afford a similar home. Despite being a high-income region, rising real estate prices have created a massive financial barrier. (Image: Canva)5 / 9Bengaluru | In Bengaluru, India’s tech capital, the affordability gap is less daunting but still significant. Here, top earners would need to save for 36 years to buy the same type of property. This marks a relatively more achievable goal compared to Mumbai and Gurgaon, but it still highlights the city’s fast-rising real estate prices. (Image: Canva)6 / 9Delhi | Delhi, the national capital, mirrors Bengaluru with an estimated 35 years of savings required. Despite being home to some of the highest income households, soaring property rates have put a strain on even well-off families trying to enter the housing market. (Image: Canva)7 / 9Chandigarh | By contrast, Chandigarh stands out as the most affordable capital by this measure. Top-tier households here can purchase an average-sized home with just 15 years of savings, thanks to more balanced income-to-housing price ratios. (Image: Canva)8 / 9Home Prices Continue to Rise | This affordability crisis is only expected to intensify as housing prices continue to climb. According to a report by ANAROCK, home prices across the top seven Indian cities surged 23% year-on-year during April to September, bringing the average cost to ₹1.23 crore. The NCR led the surge, witnessing a 56% price jump to ₹1.45 crore. Bengaluru and Hyderabad followed with sharp increases of 44% and 37%, respectively. (Image: Canva)9 / 9Luxury Demand from Abroad | Adding to the pressure, wealthy Indians living abroad are now fuelling India’s luxury housing boom. According to NoBroker.com, they are expected to account for 20% of all home sales by 2025, as demand for high-end properties surges. This growing interest in upscale real estate has further driven up prices in an already strained market. (Image: Canva)

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