Estimated Moscow Saving on "Single Night Accommodation" for Omsk Residents Calculated by Experts
Skippin' Banking for a Moscow Pad
Ever wondered how long it takes to scrape together enough dough for a cozy one-bedroom apartment in Moscow without resorting to bank loans? The knowledgeable folks at "World of Apartments" portal did just that, crunching numbers for residents across Russia's regions.
The average cost of a one-bedroom apartment on the secondary market in Moscow? A hefty 14,832,281 rubles, according to their research. To get an idea of how long it takes to save that much without bank aid, they looked at regional averages from Rosstat data.
Residents of Chukotka might be able to move into their new digs the fastest – they'd only need 6.9 years. Surprisingly, Moscow residents themselves require 8.2 years, joined by Magadan region and Yamalo-Nenets Autonomous Okrug residents in that timeframe.
If you hail from Omsk, start dreaming about home ownership in 19 years, calculations based on the region's current average salary of 65,133 rubles. On the other hand, residents of Ingushetia would have the longest wait – a whopping 32.1 years!
Pavel Luzhenko, the general director of "World of Apartments," shared some insights: "If we compare this to a similar study five years ago, we'd see that saving periods have increased by 3.7 years. Even increases in salaries in recent years haven't made much of a difference. Average salaries have risen by 8.3% since 2020, while property prices in Moscow have seen a 14.7% increase."
On average, it takes Russians 14.3 years to save up for a one-bedroom apartment in Moscow.
Now, let's be real – banking isn't our only option to amass savings. Here's a rough breakdown of estimated time frames for different regions, assuming you're stashing your entire paycheck:
| Region / City | Average Monthly Salary (RUB) | Estimated Years to Save (without banking) ||------------------|------------------------------|-----------------------------------------|| Moscow | ~81,000 | ~7 years || Kamchatka Region | ~80,000 | ~7.3 years || Magadan Region | ~75,000 | ~7.8 years || St. Petersburg | ~60,800 | ~9.6 years || Average Russian Regions (low) | ~36,853 to 40,000 | ~14.5 to 15.5 years |
Factors such as living expenses, inflation, and real estate price shifts may affect savings, and the above estimates are based on ideal assumptions. It's important to note that individual circumstances can widely differ from these averages. Happy saving, and may the odds be ever in your favor!
- I'm not sure if relying solely on personal savings is the best strategy for buying a one-bedroom apartment in Moscow, considering it takes an average of 7 years for residents in Moscow to save enough without bank assistance.
- When it comes to personal finance and investing in real estate, it's interesting to note that the housing market in Moscow is quite competitive, with average prices for a one-bedroom apartment reaching 14,832,281 rubles.
- In comparison to other regions, residents of the Kamchatka Region might find it easier to save enough for a one-bedroom apartment in Moscow, as their estimated savings period is roughly 7.3 years, given they are stashing their entire paycheck.
