The issue of whether a person working with an average salary in Azerbaijan can become a homeowner within ten years has been discussed more frequently in recent years. This question directly reflects both economic realities and people's daily living expenses. Considering current prices, saving opportunities, and living costs, this issue appears quite complex. From this perspective, the possibility of owning a home within such a period depends on many factors.
Regarding this matter, economist expert Rashad Hasanov told Demokrat.az that it is very difficult to give a definitive answer:
"There are various factors that shape the overall conclusion here. The first of these is the number of dependents under the working person's care. That is, the person must cover not only their own livelihood and expenses but also the minimum needs of those under their support. The number is important here. Another issue is where the person wants to buy a house. That is, prices outside of urban centers and in regions are significantly lower compared to the capital and Absheron peninsula. Therefore, it is more correct to consider these factors when viewing the issue. If a person is single, earns an average monthly salary, and does not pay rent, then approximately four hundred manats can be saved monthly. Naturally, this is under the condition of living frugally. This means that if they save the funds in a bank, earning some interest as well, they can accumulate the down payment amount and have the opportunity to apply for a mortgage credit within seven to eight years."
The expert said that if a citizen buys an apartment in remote areas, villages, or settlements, even the parameters of that apartment are a decisive factor:
"Still, if the apartment matches the living conditions of an average Azerbaijani citizen, I believe that saving the necessary funds can allow ownership of a home within ten years. However, the specifics of that apartment are a separate topic for discussion. Therefore, it is very difficult to give a clear answer to this question. People's choices and living conditions are decisive here. There are individuals who, while living alone, cannot save even a single manat due to their consumer behaviors. In some cases, they are even forced into debt. Or, if a citizen says they have this level of income, live in rented housing in the capital, own a car, and when considering fuel and car maintenance expenses, saving is not possible."
According to him, housing prices in the country are high, especially prices in the capital and its surroundings are higher compared to the purchasing power of the population:
"Because the average monthly salary is low, the opportunity for people to own a home in a short time is limited. The vast majority of people are forced to live in the capital and its surroundings to find work, and this, combined with high prices, further complicates the possibility of obtaining housing. Therefore, becoming a homeowner within ten years is often not easy and appears to be realistically impossible," the expert noted.