Mumbai, rightly called the ‘City of Dreams', is certainly a dream for many individuals landing in the city in search of a good life. We all know that the bustling metropolis which never sleeps, offers endless opportunities! It is just a matter of luck and the good gets better. However, for many lower middle-class families living on rent, the dream of a comfortable life often remains just that - a dream.
Given the cost of living in Mumbai, especially the high rent, is a constant struggle for such families, forcing them to make sacrifices and live under perpetual financial stress all their lives. Life isn’t really a bed of roses; it has thorns too. The Burden of Rent For any lower middle-class family in Mumbai, rent is often the largest monthly expense.
With property prices soaring, even modest 1 or 2 BHK apartments in the suburbs can cost a person more than half their salary. For families with a single earning member, rent alone consumes a significant portion of their income, leaving little for other necessities. Such high rent makes it impossible for people earning around Rs 50,000-Rs 60,000 per month to survive in the metropolis with inflation and food prices also soaring significantly.
Tax Burden: A Hidden Strain In addition to high rent, the tax burden further squeezes the limited income of lower-middle-class families. While they might not fall into the higher tax brackets, they still contribute a major portion of their earnings through income tax, GST, and other indir.