Housing affordability in Kyiv has increased: how many years of salary are now needed for an apartment

Housing affordability in Kyiv has increased

Apartments on the Kyiv secondary market have become more accessible for buyers, despite rising prices. The increase in wages has offset the rising cost of housing. Over the past year, the average price of apartments on the secondary market has increased by 7-10%. One-bedroom apartments have risen by 10%, two-bedroom apartments by 7.4%, and three-bedroom apartments by 9.5%.

At the same time, the indicator of how many years of earnings are needed to buy a one-bedroom apartment has decreased from 8.3 to 7.7 years. For a two-bedroom home, this indicator has decreased from 13.2 to 12 years, and for a three-bedroom home - from 19 to 17.6 years. This indicates an improvement in housing affordability for the population.

Average salary and its impact

The average salary of auto mechanics and tilers is 52.5 thousand hryvnias per month. For some professions, such as:

• Cleaners - the accumulation term for a one-bedroom apartment is 13.4 years;
• Security guards - 10.5 years;
• Nannies - 10.1 years.

Measuring the cost of housing in years of salary allows for a better assessment of the real affordability of apartments, notes Denys Sudilkovskyi.

The data indicate positive changes in the housing market in Kyiv, where rising wages have helped to reduce the time needed to accumulate for purchasing apartments. This may indicate an improvement in the economic situation for certain categories of the population, although for a number of professions, financial affordability of housing remains an issue. Observing further changes in the market and the dynamics of incomes may be important for understanding trends in the housing construction and property purchasing sector in Ukraine.