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November 01, 2014

McKinsey Estimates Mumbai’s Affordability Gap

In its 2014 Housing Affordability Report, McKinsey Global Institute states:

 

If current trends in urbanization and income growth persist, by 2025 the number of urban households that live in substandard housing—or are so financially stretched by housing costs that they forego other essentials, such as healthcare—could grow to 440 million, from 330 million. This could mean that the global affordable housing gap would affect one in three urban dwellers, about 1.6 billion people.”

 

To put high housing costs in perspective, they created the graph below to compare the “affordability gap” across cities:

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