Despite market optimism following key rate cuts, the reality of affording a mortgage in St. Petersburg for families with average incomes remains challenging. While preferential mortgage programs offer a glimmer of hope, a realistic assessment reveals the financial constraints and trade-offs involved.

For a family with two working parents each earning the average St. Petersburg salary of 113.9 thousand rubles, the possibility of purchasing a three-bedroom apartment within the Ring Road (KAD) hinges on securing a preferential mortgage. Assuming a minimum apartment cost of 15 million rubles and a required 30% down payment (5 million rubles), the family would need to finance 10 million rubles.

While market rates around 25% are prohibitively expensive, a preferential mortgage at 6% offers a more manageable solution. Loan terms significantly impact monthly payments, ranging from approximately 111 thousand rubles for a 10-year loan to 64 thousand rubles for a 25-year loan.

The financial burden is most significant while the mother is on maternity leave, relying on 40% of her salary (45.6 thousand rubles) in addition to the father’s income. With a 15-year loan, the family would have around 75 thousand rubles remaining after mortgage payments, increasing when the mother returns to work.

Maternity capital of 912 thousand rubles can be strategically used for early repayment, either reducing the monthly payment or shortening the loan term. Applying it to reduce the term on a 15-year loan saves approximately 2 million rubles in interest.

Within the budget of 15 million rubles, several locations in the north of St. Petersburg offer suitable three-bedroom apartments in new buildings. These include Parnas, Suzdalsky Prospekt, Komendantsky Prospekt, and Yuntolovo, each with its own advantages and disadvantages in terms of location, layout, and amenities.

Parnas offers ready-built apartments with well-designed layouts, but is located far from the metro and close to the Ring Road (KAD). Suzdalsky Prospekt presents smaller apartments with a projected delivery date in 2027.

Komendantsky Prospekt offers varied options, with one closer to amenities but lacking separation between the parents’ and children’s bedrooms, and another more affordable but requiring renovation. Yuntolovo provides a range of apartments with successful layouts and separate master bathrooms, but also requires a wait for completion.

Despite rising housing prices in St. Petersburg, families have options to consider, but should carefully assess their financial situation and willingness to commit to a mortgage and potential renovations. The decision to buy versus rent remains a personal one, weighing the benefits of ownership against the financial strain and long-term commitment.