The share of such payments in the family budget increased by 5 percentage points in annual terms and reached 44%. We are talking about the primary housing market of the mass segment
In the fourth quarter of 2023, a Moscow family spent about 44% of its income on paying the mortgage of a massive new building. A year ago, this figure was 39%. Such data is contained in a study by analysts at Metrium (the fourth quarter of 2023 was compared with the same period in 2022).
Taking into account the increase in prices, mortgage costs increased by 31.6% over the year: from 73 thousand rubles at the end of 2022 to 96.1 thousand rubles at the end of 2023, analysts said.
As they thought
Experts analyzed how the availability of an apartment has changed for buyers who took out a mortgage in 2023. To do this, they calculated how much of the monthly mortgage payment takes up in the net income of a Moscow family of two working adults. Rosstat data were used to calculate income. The cost of an apartment is the average price in the market of new buildings of the mass segment, according to the company, at the end of 2022 it amounted to 12.1 million rubles, at the end of 2023 — 14.5 million rubles. The loan term is 20 years, the mortgage rate is the weighted average for loans issued at the end of the quarter according to the Central Bank (about 8%), the initial payment is 20%.
The company notes that the rise in housing prices last year overtook the growth in incomes of Muscovites. “Mortgages have also become less affordable due to rising loan rates and cuts in subsidized programs. In 2024, most likely, the price growth for new buildings will slow down, the level of housing affordability will depend on how the ratio of expenses and incomes of Moscow residents changes,” added Ruslan Syrtsov, Managing director of Metrium.
According to analysts from the National Bureau of Credit Histories (NBKI), at the beginning of 2024, the amount of the borrower’s family income recommended for servicing a mortgage increased to 101.6 thousand rubles per month. This is 11% more than in January last year (91.5 thousand rubles), and 14% higher than in January 2022 (89.1 thousand rubles). The highest rate of family income recommended for mortgage servicing in January 2024 was recorded in Moscow — 185.3 thousand rubles.
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