'Gen Z Humbled By Housing Prices': Man, 25, Earning Rs 1.8 Lakh Monthly Says He Can't Afford Buying Apartment

A 25-year-old man earning Rs 1.8 lakh per month said he had been humbled by housing prices as a Gen Z. Working as a cybersecurity professional in Bengaluru, the man said he decided to contact a broker and look at some properties after calculating that Rs 1.3 crore must be a decent amount to buy a place he could call home.

Coming from a middle-class family, the techie said he was frugal with his money. He did not spend his money on clubbing and opted for a scooter instead of buying a car for office commute.

"I have living expenses of almost 31k per month living alone in a PG, and I started investing my money in an SIP of 75k per month at 10 percent interest and the rest in my savings account," the man wrote.

After deciding to look for properties, the man said he contacted a broker and visited a few sites in Indiranagar and Whitefield. As for Pune, he already knew the prices.

"The problem is, in 1.3 crore, the house I am getting is like a 2 BHK. It is made like a matchbox in some random standalone building, but in a good area," he said, adding: "The big society, like with 800- 900 flats in a gated community, even in Pune, is crossing Rs 2 crore plus like a real good flat."

Demoralised by the prices, the man questioned if he should continue living a cost-cutting life and wait for his portfolio to grow before buying a house.

"Should I continue living like this on a cost-cutting life for another five years and grow my portfolio and then get some loan to actually afford that expensive house? I don't have any plans of marriage till 30) or start another SIP from zero."

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gen z getting humbled by housing prices
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'Heart Goes Out To Gen Z'

Social media users sympathised with Gen Z, highlighting that property prices across India were inflated and buying a property if you did not have significant savings did not make sense.

"A fellow 25M professional here. In my opinion, there's a reason most people buy their house only after 35-40, once they have enough savings," said one user while another added: "The housing market in India is unlikely to crash now until something terrific happens in the AI space, leading to lot of job losses among high-earning folks."

A third commented: " It is so damn true. It feels like us, Gen Z and middle-class people, can't even afford a house in big cities. It's for the rich only. The builders and politicians force these prices to go up so that they can benefit from it."

A fourth said: "My heart goes out for Gen Z. As a millennial, I've seen bad times but Gen Z is having a real challenge at hand. But you guys will be fine, you'll figure it out."