I find it difficult to buy a home on a $4K monthly income

We have two children and our total monthly income is around VND100 million (US$3,950). We live a basic lifestyle that allows us to save up to VND500 million per year.

With that amount of savings, I am afraid that even 10 years from now, we still might not have enough money to buy a 70-square-meter apartment in Hanoi’s inner-city Hoang Mai District, much less in the downtown districts.

I would like to share our family's monthly expenses in the city so you can understand the cost of living here:

We spend VND10 million on rent and VND3 million on utilities. Food costs us VND10 million and transportation another VND2 million.

Childcare costs are VND14 million, which covers the kids’ entertainment, education, healthcare and clothes. My husband and I spend VND1 million on clothing and VND2 million on traveling per month.

Outside of those, we also have to buy gifts for both sides of the family, which sets us back VND1 million per month. Another VND1 million is spent on other minor costs and vehicle maintenance.

Adding in provisions for illnesses and investment losses, our average monthly spending is usually around VND60 million.

Hence, I believe that getting enough money to buy a house in a big city is truly a challenging task. What else should we do to be able to afford a house in Hanoi?

Reader Anhtu.nguyen

*This opinion was translated into English with the assistance of AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.