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Housing affordability worsened in India in the last four years.
Indians now spend a bigger proportion of what they earn on buying a home than in 2015, according to the Reserve Bank of India’s residential asset price monitoring survey of 13 cities. The house-price-to-monthly-income ratio has risen from 56.1 in March 2015 to 61.5 in March 2019. The ratio has remained above 60 since December 2015.
Mumbai continues to be the least affordable city for housing, with a ratio of 74.4 as of March compared with 64.1 four years earlier. And it’s consistently remained above 70 since March 2017. Bhubaneshwar, with a ratio of 54.3, is the most affordable city in India.