Median household income in Singapore

Median Household Income in Singapore

According to a Straits Times article, the median household monthly income in Singapore for 2023 remains at $ 10,000 for the second consecutive year. This article delves into what kind of properties one can afford to purchase with a $ 10,000 monthly household income, focusing on private properties, Executive Condominiums (ECs), and Housing Development Board (HDB) flats.

Borrowing Amounts for Different Property Types

• Private Property: You can borrow up to $ 1.152 million.
• Executive Condominium (EC): You can borrow up to $ 628,000.
• HDB Flat: You can borrow up to $ 568,000.

If you opt to buy a private property and can borrow $ 1.152 million, your maximum purchase price would be approximately $ 1.536 million. Based on a purchase price of $ 1.53 million, your monthly mortgage payments would be roughly $ 5,499. This breaks down into approximately $ 3,800 for interest and $ 1,659 for principal repayment.

The Financial Question to Ponder

Here comes the golden question: If your household income is $ 10,000 per month, would you be comfortable spending $ 3,800 every month just on interest repayment for a $ 1.53 million private property?

Keywords

• Median household income
• Singapore
• Private property
• Executive Condominium (EC)
• Housing Development Board (HDB)
• Mortgage
• Interest repayment
• Principal repayment

FAQ

1. What is the median household monthly income in Singapore for 2023?

• The median household monthly income in Singapore for 2023 is $ 10,000.

2. How much can I borrow to buy a private property with a $ 10,000 monthly household income?

• You can borrow up to $ 1.152 million to purchase a private property.

3. What is the maximum amount I can spend on a private property?

• The maximum purchase price for a private property would be approximately $ 1.536 million.

4. What are my monthly mortgage payments for a $ 1.53 million private property?

• Your monthly mortgage payments would be about $ 5,499, with $ 3,800 going towards interest and $ 1,659 towards principal repayment.

5. How much can I borrow for an Executive Condominium (EC) or an HDB flat?

• For an EC, you can borrow up to $ 628,000, and for an HDB flat, you can borrow up to $ 568,000.

6. Is it financially prudent to spend $ 3,800 on interest repayment each month?

• The decision depends on individual financial situations and comfort levels.