Minimum Monthly Salary Required to Afford a Mortgage in Moscow Exceeds $3,500

To afford a mortgage in Russia's major cities—especially Moscow and St. Petersburg—potential homeowners need a significantly high income, according to recent calculations reported by RBC. With housing prices soaring, the mortgage payment burden is especially high in Moscow, demanding a substantial monthly income to cover expenses. Here’s a look at the numbers and what they imply for potential homebuyers in Russia.

Moscow: $3,460 Minimum Monthly Salary Needed

In Moscow, where the average price for a one-bedroom apartment is around 14 million rubles (equivalent to $140,000), the monthly mortgage payment for such a property would be about 208,000 rubles or $2,080. To meet the standard lending criteria, which often require that mortgage payments don’t exceed a certain portion of monthly income, buyers would need a minimum income of around 346,000 rubles, or approximately $3,460. This far exceeds the average income level for most Russians.

St. Petersburg: Income Requirement of $2,350 Monthly

For those looking to buy a home in St. Petersburg, the financial requirements are also steep, though not as high as in Moscow. In Russia’s second-largest city, a typical one-bedroom apartment averages around 9.5 million rubles, or $95,000. The monthly mortgage payment for such a property would be around 141,000 rubles, or $1,410. Prospective homeowners would need a minimum monthly income of roughly 235,000 rubles ($2,350) to meet mortgage obligations.

Regional Comparison: Voronezh Offers the Most Affordable Mortgages

Outside the major metropolises, the cost of buying property becomes more manageable. In Voronezh, for example, a typical one-bedroom apartment requires a minimum salary of only 112,000 rubles ($1,120) to comfortably cover the monthly mortgage payments. Housing prices are significantly lower in regions like these, making it a more accessible market for average-income Russians.

Perspective: Median Russian Salary Falls Short of Mortgage Affordability

To put these figures in perspective, the median monthly salary in Russia is about 60,000 rubles, or roughly $600. This is far below the income required to comfortably afford a mortgage in Moscow or St. Petersburg. For many Russian citizens, the high costs associated with homeownership in urban areas are beyond reach, especially when compared to the average salary level across the country.

Affordability Crisis in Major Russian Cities

These figures highlight an affordability crisis in Russia's largest cities. With property prices and required income levels far exceeding the national median salary, the dream of homeownership in urban areas remains out of reach for many. This growing divide between housing costs and average incomes is pushing many Russians to consider alternative options, from renting to relocating to more affordable regions.

For now, buying a home in Moscow or St. Petersburg is a reality mainly reserved for high-income earners. Those seeking a more attainable path to homeownership might find better opportunities in Russia's regional cities, where lower housing prices and more reasonable income requirements can make the goal of buying a home more realistic.