Named the regions – leaders in housing affordability in Russia

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Named the regions – leaders in housing affordability in Russia

Opportunities for buying housing in general among residents of Russia increased slightly at the beginning of 2020, the most affordable apartments for residents of the Extreme … Real estate RIA Novosti, 06/29/2020

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MOSCOW, Jun 29 – RIA News. Opportunities for buying housing in general among Russian residents increased slightly at the beginning of 2020, the most affordable apartments for residents of the Far North regions, the most difficult for an average family to buy an apartment in the southern regions and the North Caucasus, RIA Novosti * research indicates.

Potential opportunities

The problem of own housing over the years has been one of the most urgent for most Russian families and does not lose its severity regardless of the changes taking place in the country and the economic situation. Mortgage lending is contributing to increased opportunities to improve housing conditions, but for various reasons, many families cannot use this tool and they have to save up for an apartment.

RIA Novosti experts evaluated the possibilities of using their own funds to buy an apartment, having prepared the next, fifth in a row, rating of regions according to housing affordability.

This rating allows you to assess the potential for buying a home in a particular region at its own expense.

Rating of regions by affordability of housing acquisition - 2020

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Rating of regions by affordability of housing acquisition – 2020

The indicator is the estimated minimum number of years for which a family with one child with an average salary in their region will be able to accumulate 60 square meters in standard prices at the beginning of 2020 without borrowing money, setting aside the maximum free cash balance for this purpose. after all expenses necessary for a normal life have been made (cost of living in the region for adults and children) with an average salary of the level of 2019, and using accumulated deposits as of April 1, 2020.

As experts explain, the real expenses of a Russian family are usually greater than the amount that fits into the official cost of living used to calculate the free cash balance, but they are unlikely to be less than this minimum. Therefore, we can say that the rating assesses the potential savings for an apartment for families with the region’s average net salary (without personal income tax) and minimal expenses. As an estimate of the cost of the apartment, Rosstat data on average prices in the secondary market in the first quarter of 2020 were used.

Housing in general has become more affordable

According to the results of a study based on such a methodology, housing affordability in the country as a whole has increased slightly. On average, in Russia for acquiring a standard apartment in the first quarter of 2020, you need to save 4.6 years (five years were required for the first quarter of 2019). Experts attribute this to the outstripping growth rates of nominal accrued wages and the amount of deposits of individuals compared to the growth rate of the cost per square meter of a typical apartment in the secondary market.

According to the results of the first quarter of 2020, the price per square meter for standard housing in the secondary market increased by 5.9%. But in the regions there is no unified dynamics: in 23 regions, the average price per square meter of typical housing has decreased, and in 60 it has increased. Rosstat does not provide data on housing prices in Chukotka and in the Yamalo-Nenets Autonomous Okrug.

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The most significant drop in prices is observed in the Republic of North Ossetia-Alania and the Republic of Adygea, where the average cost per square meter of typical housing in the secondary market in the first quarter of 2020 decreased by 9.4% and 9.1%, respectively.

The most significant growth was shown by prices in the Leningrad region (plus 54.3%). In addition, in another four regions, their growth exceeded 20%. At the same time, the nominal accrued wages according to the results of 2019, according to Rosstat, increased by 9.2%, and the amount of deposits of individuals, according to the Central Bank, by April 1, 2020 showed an increase of 11.6% compared to the same date last year.

Leading – Far North

In most regions, the potential affordability of housing for families with one child has increased over the past year. The minimum possible period for which it would be possible to save up for a standard two-room apartment, in comparison with the last year, was reduced in 60 Russian regions.

In 18 regions, this period has increased, in three the situation has not changed. The leading five of the ranking are the northern regions. But this situation can be explained both by the traditionally high level of salaries, which potentially increases the ability of families to save on housing after the implementation of the minimum possible expenses, and by relatively low real estate prices.

The top five regions also occupy high places in the ranking of the well-being of Russian families – 2020. For a family with one child in each of these regions there are potentially more than 49 thousand rubles of free cash resources.

The top ranks of the housing affordability rating are Magadan Oblast, the Khanty-Mansi Autonomous Okrug – Ugra and the Nenets Autonomous Okrug, where families with one child need a little less than three years to save 60 square meters for a typical two-room apartment.

At the same time, the price of such an apartment only in the Magadan Region is lower than the average Russian level, but the maximum possible free cash balance in families with one child is almost one and a half times higher than the national average in all three leading regions.

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Further in the ranking are the Tyumen region, the Murmansk region and the Kamchatka Territory, where families with one child need a little more than three years to save for a typical kopeck piece, but only on condition that the family expenses do not exceed the minimum three cost of living and all the maximum possible cash balance.

In addition to the above, in another six regions, housing affordability is higher than the average for Russia, you need to save there for no more than 4.6 years. These include: Chelyabinsk region, Komi Republic, Kemerovo region, Tomsk region, Irkutsk region and Krasnoyarsk Territory. In this group, the cost of a typical apartment does not exceed three million rubles, which is lower than the average Russian level of 3.3 million rubles, and explains the high position of the regions in the ranking on housing affordability. In addition, in these regions there is a fairly high level of the maximum possible cash balance in families with one child.

Outsiders

The closing rating group includes representatives of the southern regions and the North Caucasus. The last line in the ranking on housing affordability is occupied by Sevastopol, where an average family with one child will need a little more than 15 years to save up for a typical two-room apartment of 60 square meters at current prices, using the maximum possible free cash balance after all minimum required expenses.

Families with one child living in Chechnya and Karachay-Cherkessia will have to save for a little over 14 years, and families in Dagestan and Kabardino-Balkaria will save for a little more than 13 years.

Experts explain such long periods required for families to accumulate in the regions of the North Caucasus as the low level of nominal accrued salaries and, accordingly, the inability to save significant amounts for accumulation. In the Republic of Crimea and Sevastopol, high housing prices exceeding the average Russian level are a significant obstacle to solving the housing problem.

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In the Republic of Crimea, the potential time period for accumulating a standard apartment exceeds ten years. The southern direction is very popular for internal migration among the Russian population, which leads to an increase in demand for housing and does not allow prices to drop to an acceptable level.

According to RIA Novosti experts, following the results of 2020, taking into account the current crisis caused by the spread of coronavirus, the situation with the availability of housing can worsen. The current crisis has greatly affected the economy in general and most Russian families in particular, which means that it is difficult to expect improvement in their well-being at the end of this year. It takes time to rebuild the economy, but it will also be necessary for families to restore their incomes and renew their savings.

* The rating was commissioned by RIA Novosti by RIA Rating experts.

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