That Mumbai is not cheap to live in is a fact that every Mumbaikar is intimately familiar with. But now, even data is backing it up. A recent report revealed that Mumbai is the most expensive city in the country. The report was by Knight Frank India which is one of the country’s leading property consultants. The Knight Frank Affordability Index ranked cities from most expensive to cheapest. Ahmedabad turned out to be the most affordable city.
From Costliest To Cheapest, Report Ranks Cities In India
According to an article recently published by NDTV, the report measures the proportion of income that households spend on monthly instalments for a housing unit. As per the report’s criterion, if a city requires more than 50 per cent of a household’s income, it is considered unaffordable.
The report reveals that for Mumbai, the average household spends around 55 per cent of its income on housing EMIs. That is why it is ranked as the country’s most expensive city to live in. Following Mumbai, Hyderabad ranked second.
It requires a household to spend an average of 31 per cent of its income on EMIs. While it is significantly more affordable than Mumbai, it is still pretty expensive. The next on the list is the national capital of the country. If you live in this city, you may have to fork over 30 per cent of your income for housing.
Most Expensive To Most Affordable City Ranked
The spot after Delhi is shared by two cities. They are Karnataka’s Bengaluru and Tamil Nadu’s Chennai. The two cities are quite affordable, as per the report. This is because both cities require you to pay up to 28 per cent of your income as EMI.
The next is Maharashtra’s Pune where you might have to pay around 26 per cent of your income for house instalments. Ahmedabad turned out to be the most affordable city in the country with only 23 per cent of your income spent on housing.
- Mumbai, Maharashtra
- Hyderabad, Telangana
- Bengaluru, Karnataka & Chennai, Tamil Nadu
- Pune, Maharashtra
- Ahmedabad, Gujarat
Click here to read the full report.
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