How Much Salary is Needed to Live Comfortably in Mumbai?
Mumbai– The financial capital of India. Mumbai is the world’s 6th most populous metropolitan area with over 23 million population. It is famous for its handmade fabrics, textiles, jewelry, and especially for the film or entertainment industry. It is known as India’s most expensive city for both locals and migrants. So, how much salary is needed to live comfortably in Mumbai? Let’s have a look! on How Much Salary is Needed to Live Comfortably in Mumbai?
Housing or Rent (Accommodation)
Accommodation is one of the biggest expenses in the city of dreams- Mumbai, mainly in the posh areas of Mumbai like South Mumbai, Bandra, Dadar, Chembur, etc.
Accommodation expenses of 1BHK in suburban areas (like Andheri, Powai, Malad, etc) – ₹25,000 – ₹50,000 per month
Accommodation expenses of 1BHK in posh areas (like Bandra, Worli, etc)- ₹50,000 – ₹1,00,000 per month
Groceries and Food
A person who cooks at home may face expenses of around ₹5k to ₹10k/per month. While for a person eating outside may face expenses around ₹3k to ₹15k/per month based on their choices and mood.
Utilities
Expenses like electricity, internet, water, gas, and internet bills on average can cost you around ₹4k to ₹7k/ per month.
Transportation
Expenses for transportation depend on whether you are using your vehicle or public transport and it also may vary what distance you are traveling an estimated expense for transportation may be around ₹2k to ₹5k/ per month for public transport and owning a personal vehicle may cost ₹5k to ₹10k/ per month.
Other Miscellaneous Expenses
The other miscellaneous expenses include shopping, gym, entertainment, etc may cost ₹5k to ₹10k based on your need.
Calculating Total Monthly Expenses
• Living in the suburban areas
→Rent: ₹35,000
→Utilities: ₹4,000
→Groceries and Food: ₹8,000
→Transportation (public): ₹3,000
→Miscellaneous: ₹6,000
Total Monthly Expenses: ₹56,000
•Living in a Prime Area(Posh Areas)
→Rent: ₹80,000
→Utilities: ₹5,000
→Groceries and Food: ₹10,000
→Transportation (own vehicle): ₹8,000
→Miscellaneous: ₹10,000
Total Monthly Expenses: ₹1,13,000
This concludes that the Salary Needed to Live Comfortably in Mumbai is:-
For suburban areas– Your salary should be at least ₹1,20,000 per month. This will leave you with enough for other expenses.
For Posh areas– Your salary should be at least ₹2,70,000 per month to comfortably manage all other expenses.
HENCE, THE SALARY NEEDED TO LIVE COMFORTABLY IN MUMBAI IS ₹1.2LAKH TO ₹3 LAKH PER MONTH.
FAQs AND CONCLUSION
How Much Salary is Needed to Live Comfortably in Mumbai?
To spend a comfortable life in Mumbai an average monthly salary should be ₹1,20,000 to ₹2,70,000 per month.
What are the posh and the suburban areas in Mumbai?
Posh areas of Mumbai-
- Juhu.
- Malabar Hill.
- Cuffe Parade.
- Bandra West.
- Pali Hill.
- Worli.
- Colaba.
- South Bombay
Suburban areas of Mumbai-
Dadar, Mahim, Sion, Parel, Byculla, Chinchpokli, Kurla, CST. (central Line) · Mahalaxmi, Lower Parel, Mumbai Central, Marine Lines, etc.