{"id":120255,"date":"2021-02-09T02:03:36","date_gmt":"2021-02-08T19:03:36","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-median-household-income-fell-2-5-in-2020\/"},"modified":"2021-02-09T11:03:44","modified_gmt":"2021-02-09T04:03:44","slug":"singapores-median-household-income-fell-2-5-in-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-median-household-income-fell-2-5-in-2020\/","title":{"rendered":"Singapore\u2019s median household income fell 2.5% in 2020"},"content":{"rendered":"


\nIn 2020, resident household received an average of $6,308 per household member from various government schemes, up from the $4,684 received in 2019.
\nSingapore saw the median monthly household income from work drop 2.5% to $9,189 in 2020 from $9,425 in 2019, reflecting COVID-19\u2019s impact, reported Channel News Asia (CNA) citing a report by the Singapore Department of Statistics (DOS).
\nAfter taking into account inflation, the decline stood at 2.4%.
\nDOS, however, noted that last year\u2019s median household income increased 5.2% from 2015\u2019s $8,666 or 1% per annum in real terms.
\nMedian monthly household income from work per household member fell 1.3%, or 1.2% after adjusting for inflation to $2,886 in 2020 from $2,925 in 2019 \u2013 the first drop since 2008\/2009 due to the Global Financial Crisis.
\nThe figure, however, increased 14.6% from 2015, or 2.8% per annum in real terms.
\nRecommended article:\u00a0Home Financing Strategies For Managing Cash Flow Amidst COVID-19 Pandemic
\nHouseholds in the first to 60th percentile witnessed a $37 to $49 decline in their average household income per member, while households in the 61st to 100th percentile posted a $96 to $337 drop in income.
\nUpon taking into account inflation, households in the top 90% income groups saw a 1.4% to 3.2% declines in real income, while those in the bottom 10% registered a 6.1% drop in incomes.
\nFrom 2015, however, their incomes all increased, with the hikes ranging between 0.6% and 2.9% per year.
\nThe income gap as measured by the Gini coefficient stood at its lowest in two decades, as government transfers narrowed the gap.
\nThe Gini coefficient stands at zero in the event of total income equality and one if there is total inequality.
\nThe city-state\u2019s Gini coefficient last year stood at 0.452, unchanged from 2019, but declined to 0.375 following government transfers and taxes. In 2019, the Gini coefficient was 0.398 after government transfers \u2013 which was then a record low.
\nSuggested read:\u00a0Why More Homeowners Are Refinancing Now, Especially Thanks To COVID-19 Property Reliefs
\n\u201cThis can be attributed to the significant amount of government support provided during the COVID-19 crisis in 2020, especially for households staying in the smaller HDB flats,\u201d said DOS as quoted by CNA.
\nIn 2020, resident household received an average of $6,308 per household member from various government schemes, up from the $4,684 received in 2019.
\nThose staying in one- and two-room HDB flats received an average of $13,670 per household member, almost twice the transfers received by household staying in three-room HDB flats.
\nDOS revealed that its analyses focused on resident households with at least one working person. This works out to 86.7% of all resident households last year.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s Listings, Project Reviews and Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore\u2019s median household income fell 2.5% in 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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