The down payment on a one-bedroom mortgage in megacities has reached almost 80%

In order for residents of Kazan and Nizhny Novgorod to buy at least one bedroom in a new building on credit, they will have to save over 77% of its cost. The lowest contribution among millionaires is in Krasnoyarsk, but even there it will take more than 50%

In order for residents of megacities and their surroundings to buy at least a one-room apartment on credit in a new building at the end of December 2024, they will first have to accumulate from 53.7% to 77.4% of the cost of housing, RBC-Real Estate estimates. Otherwise, with the current sky-high rates, the current level of salaries and prices for primary housing, banks will refuse a mortgage loan.

The average mortgage rate for market programs, according to the Unified Housing Information System (UISWS), for the last days of December is 29%. With this magnitude, the situation in Kazan is the most critical among the million-plus cities.

The average salary received by hand in this metropolis and its surroundings is 67 thousand rubles. When issuing a mortgage, banks expect that the borrower will spend no more than half of their regular income on servicing it. Therefore, at current rates for 20 years, a loan of only 2 million rubles will be approved.

Apartments in new buildings in Kazan are significantly more expensive than the approved amount. According to Yandex Real Estate, at the end of December 2024, the average one-room apartment in Kazan new buildings is 38.7 square meters, and it costs 9.1 million rubles. In order for the average citizen of Kazan to buy such housing on credit (taking into account the approved mortgage for 2 million rubles), you will first have to accumulate more than 7 million rubles, or 77.4% of the cost of the apartment, and use them as a down payment.

As considered

Based on these data, we calculated the minimum initial payment at which a mortgage loan for the required amount will be approved.

The situation in Nizhny Novgorod is about the same as in Kazan — there, as a down payment, you will need to have 77% of the average cost of a one-bedroom apartment in the local primary market (here it is an apartment of 39.5 square meters. m and worth 7.6 million rubles). With the current average hand-paid salary (57 thousand rubles), banks will approve a loan of only 1.75 million rubles.

Lower Novgorod(Photo: Nikita Dukhnik / Shutterstock / FOTODOM)

Volgograd is in third place, where you need to save 73.6% of the cost of a one-bedroom apartment in a new building (36.1 sq. m. m for 5.8 million rubles). At the same time, the average salary (50 thousand rubles) is only enough for a loan of 1.53 million rubles.

The amount of the initial payment at which the mortgage for a one-room apartment will be approved

Source: calculations by RBC-Real Estate based on data from Rosstat and Yandex Real Estate

Muscovites and Petersburgers, if they want to buy a one—bedroom apartment with a mortgage right now, will need to accumulate about an equal share of the cost of primary housing in their regions – 73.3-73.5%. These cities occupy the fourth and fifth places in the ranking in terms of the required initial payment.

Among all 16 Russian cities with a population of one million, Krasnoyarsk has the most optimistic situation – if, of course, you can call it the need to have more than half of the cost of housing as a down payment (53.7%).

What is the minimum down payment on a mortgage that banks are currently claiming?

Despite the fact that at current mortgage rates, as well as housing prices and regular income, it is almost impossible to get a loan of more than half of the cost of even a small apartment, banks are in no hurry to announce an increase in the minimum down payment.

At the end of December 2024, the top 3 largest banks in terms of mortgage issuance:

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