A 34-year-old Bengaluru resident, with a monthly income of ₹3.7 lakh, initiated an online discussion to evaluate the financial implications of purchasing a home in the city versus continuing to rent. The individual currently holds ₹50 lakh in savings and owns a plot of land valued at ₹90 lakh in their hometown, with no outstanding loans. While expressing a strong desire for home ownership as a means to build long-term wealth, the high property prices in Bengaluru, with desired properties costing approximately ₹2 crore, were identified as a significant concern. The request for advice emphasized the goal of long-term wealth building, exploring whether a home purchase at this juncture would align with this objective given the current real estate market and job stability considerations.
Source: https://www.livemint.com/news/trends/buy-or-rent-a-house-bengaluru-man-earning-rs-3-7-lakh-a-month-cant-decide-sparks-debate-on-reddit-11759993392916.html