Buying a home in Mumbai is becoming increasingly difficult for young professionals as property prices continue to rise across the city. A recent discussion on homeownership has sparked debate after content creator and real estate commentator Vishal Bhargava said that earning Rs 80,000 a month in Mumbai offers limited purchasing power, particularly for those looking to buy in expensive neighbourhoods such as Andheri.
The discussion began after a 24-year-old professional earning Rs 80,000 per month sought Bhargava’s advice on whether he should purchase a home at an early stage of his career. The youngster was particularly interested in buying property in Andheri.
Bhargava responded, “A salary of Rs 80,000 may be considered an attractive salary in other cities of the country. However, the situation is different in Mumbai. In this city, the purchasing power of this amount is limited.”
The remarks have triggered conversations on social media about the growing gap between Mumbai salaries and residential property prices.
Don’t Rush Into a Home Loan
Bhargava also questioned the widespread belief that property prices will always rise. He argued that while some locations appreciate substantially, others can see slower growth or even price corrections.
According to him, young professionals should avoid taking on a very large home loan simply because they fear prices will become unaffordable later. At 24, he suggested, individuals could instead focus on building their careers, improving their skills and increasing their income.
For those who cannot currently afford a home in areas such as Andheri, renting in another locality could provide greater financial flexibility while they build enough savings and earning capacity to purchase a property later.
Buy Young or Rent First?
The discussion has divided social media users into two broad camps. One side believes that taking on a large housing loan at the beginning of a career can restrict financial flexibility and make it harder to take risks related to business, investments or career opportunities.
Others argue that purchasing a home early can provide long-term financial security and reduce the burden of housing expenses later in life.
The debate comes amid continuing affordability pressures in Mumbai’s housing market. Even government-backed housing has faced affordability challenges, with 959 winners in a recent MHADA Mumbai Board lottery reportedly returning their allotted homes.
For young Mumbai professionals, the question is increasingly shifting from simply whether they should buy a home to whether they can comfortably afford the financial commitment without compromising their long-term financial goals.
Source: Loksatta
