Singapore's fertility rate was at a record low in 2022, and we've seen online discussions and news outlets pin it on housing prices, albeit to varying degrees. Some claim high property prices as the main cause of the falling birth rates, others call it one of many contributing factors. Either way, the two issues seem inextricably linked in the minds...
Singapore's fertility rate was at a record low in 2022, and we've seen online discussions and news outlets pin it on housing prices, albeit to varying degrees. Some claim high property prices as the main cause of the falling birth rates, others call it one of many contributing factors.
"Resale HDBs and condos are at an all-time high, BTOs are delayed ," and "Well, been applying for a BTO for two years and got nothing. I wanted two kids — but seems like the chances of having them are slim now with no housing."With dual-income families, it's not uncommon for grandparents or domestic helpers to become essential to the raising of children.
3-3-5 suggests the buyer must have 30 per cent of the required capital before buying, the monthly loan repayment can't exceed 30 per cent of monthly income, and the total cost of the home cannot exceed five times annual income.This would mean the total cost of a home, for a single median-income earner, would be around $304,200. This is roughly the cost of a four-room BTO flat in a non-mature area, after subsidies.
For hotspots like Bishan, Tanjong Pagar, etc., it's possible that even BTO prices may be too expensive; and resale is almost certainly out of the question in these areas. It's also a lifestyle issue: after paying for the house and child, one could end up with a lifestyle without room for vacations, others passions to pursue, aspirations like starting a side business, etc.
In the US, the bellwether for the developed world, more people are also choosing to have fewer children; if not remain outright childless. Sadly most of the world isn't learning from us in Japan. The west is now making the exact same mistakes by first thinking it's financial in nature, then thinking it has to do with unhappiness or depression. Next will be thinking it has to do with a housing crisis.Only to eventually realise it has to do with people having too high quality of life and children simply being a detriment in quality of life over your 90 years of existence you have in this world.
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