Mumbai's richest have to save for 109 years to buy a house, Gurgaon wait time is 64 years: Report

The dream of homeownership in India's financial capital, Mumbai, remains a distant reality even for Maharashtra's richest urban families. Startling new data reveals that the top 5 percent of earners in the state -- with a household income of Rs 10.7 lakh a month -- would need to save for an astonishing 109 years to afford an average-sized house in the city, cementing Mumbai's position as the least affordable market among 21 Indian capitals.

This comprehensive analysis, derived from National Housing Board (NHB) data combined with urban income estimates and featured in a recent Times of India report, highlights the immense affordability gap. The report compares the cost of a standard 1,184 square foot home against the annual savings of the top 5 percent earning households in each state. In Maharashtra, this elite group commands an average annual household income of approximately Rs 10.7 lakh. Assuming a national average savings rate of 30.2 percent, these families can realistically put aside about Rs 3.2 lakh per year. But, with the average cost of a similar home in Mumbai hovering at over Rs 3.5 crore, based on a March 2025 per-square-foot rate of Rs 29,911, the decades-long saving period becomes clear.

Affordability challenge in other major cities

The challenge of affordability is not unique to Mumbai but is similarly pronounced in other major Indian cities. In Gurgaon, Haryana's largest urban centre, the top 5 percent of earners would still require 64 years of savings to purchase the same property. Bengaluru, the IT hub, presents a slightly more achievable, though still substantial, 36-year wait, while Delhi demands 35 years of dedicated saving. Chandigarh stands out as a stark contrast, emerging as India's most affordable capital by this metric, where just 15 years of savings would suffice for the same property.