More than half of Russians (62%) would consider taking out a mortgage only if their monthly income exceeds RUB 300,000. Almost 40% of them are not simply aiming to buy a home, but are looking for higher-class property. These are the findings of a new survey conducted by PIONEER among 1,000 respondents aged 22 to 54, from Saint Petersburg to Vladivostok.

Despite mortgage rates remaining high, demand for home loans remains stable. The key factor determining whether people are prepared to take out a mortgage is monthly income. According to the survey, over 60% of potential borrowers would consider a mortgage only with earnings from RUB 300,000 per month, while just 12% would be prepared to do so on an income of RUB 150,000–200,000.

Moscow residents are even more cautious: two thirds of respondents in the capital would take out a mortgage only with a combined household income above RUB 300,000 per month, while just 17% would do so at an income level of RUB 200,000.

The survey data also reflect the steady growth in real household incomes, which has now continued for the fifth year in a row. According to economist Igor Balynin, Associate Professor at the Financial University under the Government of the Russian Federation, Russian incomes could grow by almost 8% year on year by the end of the year. He notes that this trend has been driven by rising average wages, which exceeded RUB 100,000 in the second quarter of 2025, as well as by high interest rates on bank deposits, which remained elevated for most of the year.

“In Moscow this year, the share of mortgage-financed purchases in business and premium-class projects has risen from 32% to 47%. In our developments, mortgage-backed transactions had approached 65% by the end of the year. This shows that mortgages are no longer a tool only for the mass market. For affluent buyers, they have become a smart financial strategy that allows them to preserve liquidity,” says Irina Sharovarnikova, Head of Lending and Partner Programmes at PIONEER.

According to the survey, 37% of respondents are prepared to repay a mortgage within five years, 20% would choose a ten-year term, and another third would opt for the traditional twenty-year term. Among Moscow residents, 28% aim to repay their mortgage within five years, while 38% prefer the longest 20-year term.

Inna Soldatenkova, Head of Expert Analytics at the financial marketplace Banki.ru, explains that the preference for shorter mortgage terms is driven by a desire to minimise interest overpayments. However, she notes that this strategy is not suitable for everyone:

“To be approved for a large loan over a short period, borrowers need to demonstrate the appropriate level of income. At a minimum, it should be twice the size of the planned monthly payment, and ideally mortgage payments should not exceed one third of monthly income. Banks may also take into account combined family income, including that of spouses or co-borrowers, and some lenders even allow third parties to be included.”

Motivations for buying property vary. 39% of respondents plan to move to a more comfortable newly built residential complex. Another third are buying their first home or looking to increase their living space. More than half (60%) are waiting for interest rates to fall, while only 18% are currently ready to take out a market-rate mortgage. In Moscow this figure is even lower, at 14%. Notably, more than half of Muscovites are aiming to upgrade to a higher housing segment.

Expert calculation: what the monthly payment looks like

Using a RUB 25 million apartment in a new phase of the LIFE Varshavskaya business-class development (with a 30% down payment) as an example, PIONEER analysts compared two 20-year scenarios:

• Standard market mortgage (around 20%) — monthly payment of approximately RUB 297,300
• Combined mortgage (using the preferential family-mortgage limit) — effective rate reduced to 11%, monthly payment RUB 180,000

“For buying business-class property, a combined mortgage is the most rational solution. It allows buyers to benefit from state support and cover the remaining loan amount while keeping monthly payments at a comfortable level,” notes Irina Sharovarnikova.

News

Russians name the income level they consider sufficient for taking out a mortgage — from RUB 300,000 per month