+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Revealing of the specificity of mortgage housing lending based on the results of clustering of regions

Vol. 27, Iss. 12, DECEMBER 2021

Received: 1 November 2021

Received in revised form: 15 November 2021

Accepted: 29 November 2021

Available online: 27 December 2021

Subject Heading: Banking

JEL Classification: C53, R21, R31, R58, Z23

Pages: 2679–2697


Lyudmila E. ROMANOVA Tula State University (TulSU), Tula, Russian Federation

ORCID id: not available

Anna L. SABININA Tula State University (TulSU), Tula, Russian Federation


Andrei I. CHUKANOV Tula State University (TulSU), Tula, Russian Federation


Dar’ya M. KORSHUNOVA Tula State University (TulSU), Tula, Russian Federation

ORCID id: not available

Subject. This article deals with the particularities of the development of housing mortgage lending in the regions of Russia.
Objectives. The article aims to substantiate the need for clustering of territorial entities by level of development of mortgage housing lending in Russia and test the most effective algorithm for mortgage clustering of regions.
Methods. For the study, we used a systems approach, including scientific abstraction, analysis and synthesis, and statistical methods of data analysis. The algorithm k-medoids – Partitioning Around Medoids (PAM) was also used.
Results. Based on the results of the study of regional statistics of the Russian Federation, the article reveals a significant asymmetry in the values of key socioeconomic indices that determine the level and dynamics of housing mortgages in the regions. This necessitates the clustering of territorial entities according to the level of development of mortgage housing lending in the country. To take into account the impact of various local conditions in assessing the prospects for the development of regional housing mortgages, the article proposes an indicator, namely, the integral regional mortgage affordability index. On its basis, in accordance with the selected clustering procedure, the article identifies five mortgage clusters in Russia and identifies their representative regions.
Conclusions. Based on the analysis of the specificity of the development of regional mortgages in the Tula Oblast, taking into account the implementation of the target State programme, the article concludes that it is necessary to improve the mechanisms for financing regional mortgage programmes and justifies the need to develop differentiated programmes for the development of housing mortgages in groups of Russian regions.

Keywords: mortgage, mortgage credit, socio-economic indicators of regions, regional housing affordability ratio, clusters


  1. Zaslavskii A.M., Kudryavtseva V.A. [Modern ways to finance and acquisition of residence]. Izvestiya vuzov. Investitsii. Stroitel'stvo. Nedvizhimost' = Proceedings of Universities. Investment. Construction. Real Estate, 2017, vol. 7, no. 3, pp. 19–26. (In Russ.) URL: Link
  2. Kosareva N.B., Polidi T.D. [Housing affordability in Russia and foreign countries]. Voprosy Ekonomiki, 2019, no. 7, pp. 29–51. (In Russ.) URL: Link
  3. Devdariani N.V., Rubtsova E.V. [The social function of mortgage lending]. Karel'skii nauchnyi zhurnal = Karelian Scientific Journal, 2019, vol. 8, no. 1, pp. 72–75. URL: Link (In Russ.)
  4. Polterovich V.M., Starkov O.Yu. [A strategy for building mortgage market in Russia]. Ekonomika i matematicheskie metody = Economics and Mathematical Methods, 2007, vol. 43, no. 4, pp. 3–22. URL: Link (In Russ.)
  5. Kuznetsova O.P., Smirnov D.Yu., Kuznetsov V.V., Samokhvalova O.M. [Do we need building-and-loan associations in Russia?]. Ekonomika, predprinimatel'stvo i pravo = Economics, Entrepreneurship and Law, 2020, vol. 10, no. 7, pp. 1935–1954. (In Russ.) URL: Link
  6. Geronina N.R. [Construction savings banks as one of the main directions of solving the housing problem in Russia]. Bankovskie uslugi = Banking Services, 2012, no. 12, pp. 34–37. (In Russ.)
  7. Saifullina S.F., Sultanshina E.D. [Development of forms of housing finance in Russia]. Teoreticheskie i prikladnye aspekty sovremennoi nauki, 2014, no. 6-5, pp. 210–214. URL: Link (In Russ.)
  8. Il'inskii D.G., Polterovich V.M., Starkov O.Yu. [Designing and analyzing the programs of contractual savings for housing: A dynamic model]. Ekonomika i matematicheskie metody = Economics and Mathematical Methods, 2014, vol. 50, no. 2, pp. 35–57. URL: Link (In Russ.)
  9. Koren' A.V., Dobrova V.S. [Problems and prospects of the Russian mortgage lending market]. Azimut nauchnykh issledovanii: ekonomika i upravlenie = Azimuth of Scientific Research: Economics and Administration, 2017, vol. 6, no. 1, pp. 76–79. URL: Link (In Russ.)
  10. Korshunova G.V., Romanova L.E. [Specific character of concentration of Russian markets in the conditions of crisis]. Izvestiya Tul'skogo gosudarstvennogo universiteta. Ekonomicheskie i yuridicheskie nauki = Proceedings of Tula State University. Economic and Legal Sciences, 2016, no. 2-1, pp. 365–373. URL: Link (In Russ.)
  11. Kobzev A.Yu. [Statistical modeling of mortgage lending system in regions of Russian Federation based on panel data]. Intellekt. Innovatsii. Investitsii = Intellect. Innovation. Investments, 2016, no. 11, pp. 23–26. URL: Link (In Russ.)
  12. Chukanov A.I. [Justification of tools for estimating regional mortgage lending]. Nauchnye issledovaniya i razrabotki. Ekonomika = Scientific Research and Development. Economics, 2019, vol. 7, no. 3, pp. 57–61. (In Russ.) URL: Link
  13. Chukanov A.I. [Research of development unevenness of hypothecary housing crediting in the regions of Russia]. Nauchnye zapiski OrelGIET = Scientific Journal of OrelSIET, 2017, no. 3, pp. 71–81. URL: Link (In Russ.)
  14. Kaufman L., Rousseeuw P.J. Finding Groups in Data: An Introduction to Cluster Analysis. John Wiley & Sons, 1990, 342 p. URL: Link
  15. Korshunova G.V., Nemtsev A.D., Romanova L.E. [The behavioral finances: laws governing decision making of the financial nature]. Vestnik Volzhskogo universiteta im. V.N. Tatishcheva = Vestnik of Volzhsky University after V.N. Tatischev, 2017, vol. 2, no. 2, pp. 36–44. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 28, Iss. 6
June 2022