A study of 94 housing markets ranked Singapore 11th for housing affordability in 2023.
SINGAPORE – Public housing here remains affordable and attainable for Singaporeans, the Housing Board said on Oct 2, citing two international housing reports that pointed to high levels of home ownership and public housing attainability in Singapore.In its statement on Oct 2, HDB said resale flats that sold for high prices formed a small proportion of such transactions.
“For the vast majority of home buyers, resale flats remain affordable. In 2023, eight in 10 first-timer families who bought resale flats were able to service their loan instalments using their monthly CPF contributions, with little or no cash payments,” said HDB. The findings, which were released in June, placed the Singapore housing market in the “moderately unaffordable” category, alongside 14 other markets in the US, UK and Canada.
The report by Demographia used a median price-to-income ratio to determine affordability in each of the housing markets it analysed. This ratio, also known as the median multiple, was obtained by dividing the median house price of a housing market by its median household income.
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