Singapore, 24 Mar 2022 The current income ceiling that buyers need to meet to buy a build-to-order (BTO) Housing Development Board (HDB) flat still looks reasonable for now.In fact, buyers can look to other options available in the mass market if they require a home for themselves.With home prices rising rapidly recently, raising the income gap to be an option to allow more families to own homes.
Christine Sun, senior vice president of research and analytics at Orange Tee and Tie, noted that it takes time to assess the price fluctuations and impact of the last policy change, and raising prices too quickly may cause many Singaporeans to be priced out of the market due to the increase in the competition.
"Although it has been observed that more couples are earning higher salaries, this may not be true for the general population," Sun said.
Sun noted that the median household income has increased by around 4 per cent from 2019 to 2021, while in the past 2 revisions, the median income has risen by 17 per cent and 24 per cent for each of the 4-year periods.