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These days, finding an affordable place to live in the South Bombay area can be challenging. Home prices in South Bombay are now at a median cost of $90,360, lower than the New York average of $610,895.
The average cost of rent is $811/mo in South Bombay, primarily driven by the current value of real estate in the South Bombay area. In South Bombay, 41.50% of households rent, and 68.85% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in South Bombay is $3,037 per month. Households that rent pay about 26.71% of their income on rent here. South Bombay’s most expensive areas are in the northern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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