The long-cherished aspiration of moving to the United States for better career prospects is now under serious scrutiny among Indian professionals, especially those in the IT and finance sectors. With the cost of living — particularly housing — surging to unsustainable levels, the economic feasibility of migration is being questioned like never before.
Chartered Accountant Nitin Kaushik summarizes the prevailing sentiment: “It’s more investment and less returns when someone wants to migrate to the US. That thing is not for everyone.” His view reflects a growing shift in perception, as the American dream begins to look increasingly out of reach for many.
At the core of this shift is the rising burden of housing expenses. Financial analyst Sourav Dutta puts the numbers into perspective: “Average rent is $2,000 in America and you’re supposed to make three times that to qualify — that’s $6,000 a month, or $72,000 a year. But the average U.S. salary is just $51,000. Average Americans can’t rent an average house.”
According to Zillow’s December 2024 data, the national average rent for single-family homes reached $2,174, while multifamily units averaged $1,812. In tech-centric urban hubs like San Francisco, New York, and Seattle — where most Indian tech migrants initially settle — these figures are even higher.
Beyond housing, essentials such as healthcare, childcare, and transportation further strain monthly budgets. The ongoing slowdown in apartment construction, driven in part by trade tariffs on materials from Canada and China, has exacerbated the housing crunch. This limited supply continues to drive up prices, making affordability a serious concern.
For professionals entering the U.S. through the H-1B visa program, the picture is equally complex. While the program mandates a minimum annual salary of $60,000, this often proves insufficient to cover even basic living costs in high-cost metro areas.
The shift isn’t just limited to perceptions of life abroad. Financial caution is now extending to domestic investments as well. Kaushik advises prospective Indian homebuyers to take a comprehensive view of property investments: “These are big commitments. Don’t just look at the emotional side — do the math. Factor in costs like stamp duty, maintenance, and long-term obligations.”
In an era marked by inflation, wage disparities, and limited housing supply, Indian professionals are re-evaluating the once-glamorous path of migration. The promise of higher pay and a better lifestyle overseas now carries more caveats than ever — prompting many to reconsider whether the dream is worth the price.
Recent Random Post:
