While the Family Mortgage program is designed to help families purchase housing, it remains a virtually unattainable goal for residents of Dagestan, Ingushetia, and Chechnya. A study based on data from Rosstat and the Ministry of Construction showed that in these regions the program is unaffordable for most families whose income is the only source of loan repayment.
Kabardino-Balkaria and Stavropol Krai are approaching a relatively acceptable level of affordability. North Ossetia and Karachay-Cherkessia are the only subjects of the North Caucasus Federal District where the Family Mortgage is considered generally affordable for middle-income families. Experts say the main reason for the current situation is the discrepancy between the relatively low incomes of the population and high real estate prices.
On average, the price per square meter in Russia is about 200 thousand rubles. When taking out a 20-year mortgage under a preferential program with a 20% down payment, the monthly payment will be 50–55 thousand rubles. This is 50% of the nominal salary in Russia.
