According to Mercer’s 2024 Cost of Living Survey, Mumbai is the costliest city in India for expatriates. Moreover, since 2023, it has moved up 11 spots, thus becoming the 136th most expensive city for expatriates worldwide.

Owing to the high cost of land, the commercial and residential spaces in the city come at a high price. This is the primary reason for Mumbai being the most expensive city in India.

The average cost of living in Mumbai usually ranges from ₹30,000 to ₹60,000 per month. However, it will tend to differ based on location, number of family members, lifestyle, personal expenses, etc.

For bachelors, the cost of living in Mumbai is approximately ₹25,000 to ₹30,000 per month, covering rent, groceries, transportation, and lifestyle costs.

The cost of living in Mumbai for couples is generally around ₹40,000 to ₹60,000 per month. However, it will tend to differ based on accommodation choices, lifestyle, spending habits, etc. 

The cost of living in Goregaon, Mumbai, for a single person can range from ₹20,000 to ₹30,000 per month (without rent). Renting a PG in Goregaon can cost between ₹12,500 to ₹40,000.

To live comfortably in Mumbai, you need a monthly salary of at least ₹30,000 to ₹60,000.

In Mumbai, flat rates usually range from ₹65 Lakh to ₹9 Crore. However, property prices tend to differ based on factors like size, location, amenities, etc.

To live comfortably in Mumbai in 2024, you need to earn a monthly salary of at least ₹30,000 to ₹60,000. 

Rent is better if you are relocating to Mumbai for better employment opportunities. However, if you wish to settle down in this city with your family in the long run, buying property will be a better choice. 

The average salary in Mumbai ranges from ₹4.4 LPA to ₹8.54 LPA. However, it can vary depending on the individual’s designation, experience, qualifications, organisation, etc.

The average living costs in Mumbai without rent for bachelors is approximately ₹30,000 per month. In case of a family of 4, this cost will rise to ₹1 Lakh.

Mumbai is India's most expensive city, with overall living costs ranging from ₹58,000 to ₹1,34,500 per month.

If you are a first-time student or working professional, you can survive alone in Mumbai by opting for shared accommodations near your educational institute or workplace, using public transport, and maintaining a minimalist lifestyle.

The average living costs for a family in Mumbai generally range between ₹40,000 to ₹80,500 per month. However, it can vary based on the number of members, accommodation type, location, and other factors.  

When calculating the cost of living in Mumbai, you need to consider factors like rent, groceries, distance from your workplace, utility bills, domestic services costs, personal expenses, etc.

You need a salary of at least ₹30,000 per month to live in Mumbai in 2024.

A salary of 1 Lakh can be decent enough to live in Mumbai, provided you live in areas with affordable rent.

A salary of 50 LPA in Mumbai is adequate to maintain a family having 6 to 7 members. 

Surviving in Mumbai with a salary of ₹25K can be challenging. To save costs, consider opting for shared accommodations near your workplace and public transport.

50K is a decent salary to survive in Mumbai if you are a bachelor or a couple. However, this salary may be insufficient if you have dependents or high personal expenses.

Managing rising living expenses requires adopting smart financial habits. 

• The first step in effective budgeting is tracking income and expenses to ensure better financial control. 
• Eliminating unnecessary costs, such as frequent dining out or impulse purchases, can make a significant difference.
•  Investing wisely in assets like stocks or mutual funds provides long-term security and helps counter inflation. 
• Amid rising costs, securing term insurance ensures that dependents remain financially stable even in unforeseen circumstances.

Mumbai, being a metro city, allows you to claim HRA exemption using 50% of your basic salary plus DA as one of the criteria. The actual exemption is the least of the HRA received, 50% of salary, or rent paid minus 10% of salary. If you're wondering how to calculate HRA exemption, an HRA exemption calculator can guide you through the process with ease.

Yes, life insurance can help secure your child’s education in Mumbai. If something happens to you, the policy pays a lump sum to your family. This amount can cover school fees and other expenses, ensuring your child’s education continues without financial stress. It’s a smart way to protect their future.

If you’ve taken a loan for your dairy business in Mumbai, insurance can protect you from financial stress. A business loan protection plan or term insurance ensures the loan is repaid if something happens to you, preventing burden on your family or business and safeguarding your assets and operations.

Yes. Health insurance premiums can increase due to rising treatment costs in metro cities. It’s wise to buy early and opt for policies with no claim bonus or long-term plans to lock premium for a few years.