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The affordability of housing in one of the regions of the Far Eastern Federal District has decreased

The affordability of housing in one of the regions of the Far Eastern Federal District has decreased

On the Russian real estate market, there is a decrease in the affordability of housing. If more and more Russians could afford square meters for 12 years in a row, this year the trend is reversed. The terms of saving for housing, if you add up the incomes of all family members of three, increased by almost 6%. One region of the Far East was among the worst in this indicator.

According to "Merchant", The analysis of the real estate market was carried out by specialists of the Institute for Urban Economics. For the analysis, the housing affordability ratio was used: when a hypothetical family of three collects all their income to buy 54 square meters.

In 2020, the accumulation period for housing was 3,3 years. This is 5,7% more than before the pandemic. In Moscow, the situation is even worse - it will take 4,5 years here. The increase occurred for the first time since 2008 - while the level of housing affordability was at the minimum level. The Russians had to save 5,29 years that year.

Now the difficulties with accumulation are most of all not only in the capital, but also in the Amur Region. Amur residents will have to save about four years, which only 54,9% of families can afford. And the growth in the cost of housing in new buildings in the Amur region amounted to 25%.

The situation was corrected in 2008 by a decrease in mortgage rates and massive development. But the preferential mortgage in 2020 only fueled demand and led to an increase in the cost per square meter.

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