by OrangeTee & Tie Pte Ltd.

Higher prices, Covid-hit household income lower relative affordability of HDB resale flats in 2020

SRX HDB Resale Data

SRX HDB Resale Data

Singapore, 13 Apr 2021

Households in Singapore might need to save up more or take a slightly bigger mortgage to buy a Housing Board (HDB) resale flat, based on median incomes and prices in 2020.

Overall median prices of HDB resale flats transacted last year were about 3.9 times a household's median yearly earnings. This is a tad higher than 3.5 times in 2019, based on The Business Times' (BT) analysis of data from SRX, OrangeTee & Tie and the Department of Statistics (DOS).

The 2020 price-to-income multiple - known as an "affordability ratio" - suggests a household, without spending on anything else, has to save for 3.9 years to buy a public housing flat from the resale market.

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