(Dan Tri) - According to VARS research, to be able to buy an apartment in Hanoi, buyers need a minimum income ranging from 45 million to 210 million VND/month, depending on the area.
According to research data from the Vietnam Association of Realtors (VARS), the recommended minimum income to buy an average-priced house in Hanoi is about 2.3-10 times higher than the average household income.
Specifically, data from the General Statistics Office shows that the average monthly income of workers in Hanoi in the third quarter of 2024 reached 10.7 million VND/month. Assuming a household of 4 people, of which 2 are of working age, the total household income will be about 21.4 million VND/month.
With the average primary apartment price in 2024 reaching 70 million VND/m2, newly opened projects all priced from 60 million VND/m2, to be able to buy an apartment in Hanoi, buyers need a minimum income ranging from 45 million to 210 million VND/month, depending on the area.
In central districts such as Hoan Kiem, Ba Dinh, Dong Da, Hai Ba Trung or Tay Ho, the gap between the minimum annual salary needed to pay a mortgage and the average household income reaches 10 figures.
Meanwhile, suburban areas such as Ha Dong, Bac Tu Liem or Long Bien have more accessible prices, but are only suitable for individuals and households with incomes from 40 million VND to 60 million VND/month.
An apartment building in Hanoi (Photo: Tuan Minh).
The above unit's calculation is based on the average house price in each district and assumes that the buyer can borrow 70% of the house value from the bank, with an average interest rate of 8%/year for 20 years.
Normally, the total monthly installment should not exceed 40% of income. Therefore, the minimum income to buy an average-priced house in Ha Dong, Long Bien, Nam Tu Liem, Bac Tu Liem, Gia Lam is about 2-3 times higher than the average household income in Hanoi.
In Hoan Kiem, Ba Dinh, Hai Ba Trung, Dong Da or Tay Ho districts, the minimum income to borrow to buy a house is over 1 billion VND/year, equivalent to a difference of 3.7-8 times. This difference in Cau Giay and Thanh Xuan districts fluctuates between 3-3.5 times.
In the context of continuously increasing apartment prices, Ms. Do Thu Hang - Senior Director of Research and Consulting Department of Savills Hanoi - assessed that although the market is growing, the gap between household income and housing prices is becoming increasingly obvious.
With an average household income of about 250 million VND/year in Hanoi, the average price of an apartment is about 4 billion VND, people need to save up to 18 years without spending to be able to buy a house. Average income only grows 6%/year, housing prices on the secondary market have increased by an average of 17-20%/year, causing many difficulties in buying a house.
Mr. Le Dinh Chung - real estate expert - said that the average price of a primary apartment with 2 bedrooms in Hanoi currently ranges from 4 billion to 5 billion VND, equivalent to 65-70 million VND/m2.
Meanwhile, the average income of a family in Hanoi is about 200-250 million VND/year. However, the recent increase in apartment prices has caused all living expenses to increase. Therefore, people's savings have also decreased due to increased costs.
"With the current average income and apartment prices in Hanoi, I think that if you only work in an office, the chance of owning a house is almost zero. Even if you can buy one, you have to save for several decades," he said.
According to Mr. Chung, if buying a house now, most people will use financial leverage, so it is necessary to carefully calculate the debt repayment plan. With the current apartment prices, to be able to buy a house, the average income of a family must be at least 60 million VND/month or more.
To increase people's access to housing, he recommended promoting the development of social housing projects, focusing on synchronizing infrastructure so that suburban areas can connect with the inner city...
Source: https://dantri.com.vn/bat-dong-san/thu-nhap-bao-nhieu-moi-du-mua-chung-cu-tai-ha-noi-20250209012702823.htm
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