[OC] Housing has become increasingly unaffordable in Singapore, more so than in other high-cost citiesThrowawaytehpengcup t1_ivy9wqq wrote
Reply to comment by jeronimo002 in [OC] Housing has become increasingly unaffordable in Singapore, more so than in other high-cost cities by earthlymonarch
Even with the generous government subsidies HDB flats (both resale and BTO) are rediculously expensive. Also to qualify for the higher tier subsidies requires you to earn a lower monthly salary, so your best bet is to BTO/ buy a resale when you are unemployed or in college with your college sweetheart.
Also now the required downpayment has increased from 10% to a whooping 20% now. Who the hell has 80k sgd in their bank account at their late 20s???
Inner-Patience t1_ivydj93 wrote
Downpayment can be paid using cpf. Assuming your monthly CPF contribution is 1k (which isn't a lot considering there's employee and employer portion), that's 12k a year without including in bonus. If based on CPF account allocation (OA, SA, MA), it's 23% of salaries that can be used for housing downpayment.
Working 4 years there's already almost 50k CPF for downpayment for just one person, and usually housing is funded by two persons. I would say that's achievable in the late 20s
[deleted] t1_ivyduja wrote
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jeronimo002 t1_ivydf3c wrote
Housing is ridiculously expensive worldwide.
The sittuation however is much better than hongkong!
Comparing it to the US makes ZERO sense. Singapore was still a develloping country in 1992 while today, the US is becoming a develloping country if they continue on their track.
Singapore has a considerable higher purchasing power than hong kong
You can't point to a single cause, but probably housing has catapulted Singapore above what it could be if it took the hong kong approach.
Singapore has overtaken the GDP per cap by 50% compared to hong kong in the graphs period and the prices don't show that.
again, the whole world has expensive houses (Neoliberalism does that). the US and Europe have the same problems, probably even worse!
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