Russian Homebuyers Struggle as Rising Prices Outpace Income Growth
Russian Homebuyers Struggle as Rising Prices Outpace Income Growth
Russian Homebuyers Struggle as Rising Prices Outpace Income Growth - The Moscow Times
cross-posted from: https://mander.xyz/post/42545930
Russian homebuyers are finding it increasingly difficult to save for a mortgage down payment as housing costs rise far faster than wages, according to new data from Sberbank and state housing agency Dom.RF.
Only 8.3% of working Russians — roughly one in 12 — can save the required 20% down payment within two years, Sberbank deputy chairman Taras Skvortsov said.
The main barrier is no longer just high interest rates but the rapid rise in home prices, which has pushed the upfront cost out of reach for most buyers.
Sberbank estimates the average time needed to save for a down payment has nearly tripled in five years.
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