The question of renting versus owning a home has become more acute in many countries in recent years, especially among younger generations. While global wealth has significantly increased over the past decades, the prospects of becoming a homeowner have drastically worsened in some of the world's biggest economies. For example, a recent study of financial product comparison site Bankrate found that renting is cheaper than taking out a mortgage in every major metropolitan area in the U.S. Elsewhere, owning a house is still the norm rather than the exception.
A Statista Consumer Insights survey conducted from July 2023 to June 2024 showed that in India, a majority of people even in the bottom 50 percent of household income bracket live in their own houses. The share of survey respondents owning a home is expectedly even higher in the top 10, top 25 and top 50 percent brackets. Conversely, the share of respondents who rent either an apartment or a house hovers between 10 and 15 percent for the higher-earning household income brackets, while 28 percent of survey participants from the bottom 50 percent described themselves as renters.
However, the survey did not detail the quality of the respondent's housing. So while many Indians may own their own home, it can still mean that this home lacks access to basic amenities, is in disrepair or is too small for all family members living in it. For example, according to the Delhi Economic Survey for 2023/2024, 60 percent of housing units in India's capital had one or two rooms while the average household size was five, making for unsuitable living conditions for larger families.
