Yekaterinburg: Families Save Up for 2+ Years for Down Installment
11 August 2016 (12:47)
UrBC, Yekaterinburg, August 11, 2016. A statistically average Yekaterinburg-based family will have to keep saving up for two years and one month before they can make a down payment on a new one-bedroom apartment, real estate-related website N1.RU claims.
The calculations were based on the following: the average monthly pay in the area (40,886 RUR), the minimum living wage (10,638 RUR a month), average monthly per capita spending (17,651 RUR), the average price of a new one-bedroom home (3,829,800 RUR) and its average area (61 m2), and the down payment amount (20% of the total cost).
Since new and existing homes now cost nearly the same on Yekaterinburg estate market, saving up for a place in either of these market segments will take approximately the same amount of time.
‘These are all average data, of course, as different families’ spending patterns might look strikingly different. Still, saving up for a down payment looks absolutely doable if you set your priorities right,’ says head of N1.RU Yekaterinburg Oxana Sidletskaya.
The calculations were based on the following: the average monthly pay in the area (40,886 RUR), the minimum living wage (10,638 RUR a month), average monthly per capita spending (17,651 RUR), the average price of a new one-bedroom home (3,829,800 RUR) and its average area (61 m2), and the down payment amount (20% of the total cost).
Since new and existing homes now cost nearly the same on Yekaterinburg estate market, saving up for a place in either of these market segments will take approximately the same amount of time.
‘These are all average data, of course, as different families’ spending patterns might look strikingly different. Still, saving up for a down payment looks absolutely doable if you set your priorities right,’ says head of N1.RU Yekaterinburg Oxana Sidletskaya.
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