Mumbai Journalist: ₹80K Monthly Salary Is Almost Poverty

Mumbai's high cost of living and expensive housing market have sparked a discussion online after journalist Vishal Bhargava shared his thoughts on buying a home in the city.

A 24-year-old professional, who earns ₹80,000 per month and lives in Andheri West, had sought Bhargava's advice on whether to purchase a home before property prices rise further.

Bhargava, a real estate and infrastructure journalist, shared a video on Instagram in response to the query.

In the video, he stated that earning ₹80,000 per month is 'almost below the poverty line' in Mumbai.

Bhargava advised the young professional against rushing to buy a property due to the fear of rising home prices.

He said that the assumption that home prices will continue to rise is a 'myth' and that property prices do not necessarily appreciate everywhere.

Instead, Bhargava suggested that the 24-year-old focus on his career growth and savings before making a major property purchase.

He advised the young professional to wait and buy a home in his preferred location, Andheri, rather than compromising on the location to buy a property quickly.

Bhargava also highlighted the financial and psychological implications of purchasing a home early in one's career, including the risk of being bound by liabilities and becoming more cautious in career decisions.

Mumbai is known for its high cost of living, with expensive housing, transportation, and food costs making it challenging for individuals to afford a decent lifestyle.

The city's housing market is particularly expensive, with property prices in areas like Andheri West being out of reach for many young professionals.

Bhargava's advice has sparked a discussion on the challenges of buying a home in Mumbai and the need for young professionals to prioritize their career growth and savings.

The discussion highlights the need for affordable housing options in Mumbai and the importance of careful financial planning for individuals looking to purchase a home in the city.

In conclusion, Bhargava's advice serves as a harsh reality check for young professionals looking to buy a home in Mumbai, emphasizing the need to prioritize career growth and savings over rushing into a property purchase.