India's most unaffordable city, where even rich need 109 years to buy home, it is...

Owning a home in Mumbai, India’s financial capital, remains a far-fetched dream—even for the wealthiest urban families in Maharashtra. A new report shows that even households in the top 5 percent income group would need to save for an unbelievable 109 years to afford an average-sized home in the city. This shocking figure cements Mumbai’s position as the least affordable housing market among 21 Indian capital cities.

The analysis, based on data from the National Housing Board (NHB) and urban income estimates, was highlighted in a Times of India report. It looked at how long it would take for the top 5% earners in each state to buy a standard 1,184-square-foot home. In Maharashtra, the top 5% of households earn around Rs 10.7 lakh per year, and with a national average savings rate of 30.2 percent, they could save about Rs 3.2 lakh annually. However, the average home price in Mumbai is over Rs 3.5 crore, based on a March 2025 rate of Rs 29,911 per square foot—making the wait to buy a home span more than a lifetime.

Other Cities Also Face Affordability Crisis
Mumbai isn’t the only city facing a housing affordability crisis. In Gurgaon, top earners would need to save for 64 years, while in Bengaluru it would take around 36 years. In Delhi, the number is about 35 years. Chandigarh, on the other hand, was named the most affordable city, where it would take just 15 years of saving to afford a similar home.

The findings sparked widespread discussion online. Some users questioned the accuracy of the report, saying actual incomes might be higher. Others pointed out the “brutal reality” of Mumbai’s housing market, saying it's time for people to consider moving to more affordable cities.

Meanwhile, a 2023 ANAROCK report stated that average home prices in India’s top seven cities, including Mumbai and Delhi, rose by 23% in just one year, reaching an average of Rs 1.23 crore. The NCR saw the sharpest jump, 56%, followed by Bengaluru (44%) and Hyderabad (37%).

Experts also say that wealthy Indians living abroad are contributing to the rise in prices by investing in high-end properties. According to NoBroker.com, they are expected to account for almost one-fifth of home sales in India by 2025.

As property prices rise faster than incomes, homeownership dreams are slipping further out of reach—even for the country’s top earners.