{"id":120617,"date":"2021-06-21T03:17:15","date_gmt":"2021-06-20T20:17:15","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/rising-household-incomes-more-condo-dwellers-seen-over-past-decade\/"},"modified":"2021-07-18T17:03:34","modified_gmt":"2021-07-18T10:03:34","slug":"rising-household-incomes-more-condo-dwellers-seen-over-past-decade","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rising-household-incomes-more-condo-dwellers-seen-over-past-decade\/","title":{"rendered":"Rising household incomes, more condo dwellers seen over past decade"},"content":{"rendered":"


\nThe median monthly household has risen by 3.3% per year, while there were more households living in condominiums and other apartments in 2020 compared to a decade ago.\u00a0
\nHousehold incomes in Singapore have continued to increase in both real and nominal terms in the past 10 years, according to the Department of Statistics data, reported The Business Times (BT).
\nAccording to the report, households living in condominiums and other apartments have also increased over the last decade, and experts say that the trend is expected to continue.
\nSpecifically, the median monthly household income climbed 3.3% per annum \u2013 which works out to 1.9% in real terms \u2013 from $5,600 in 2010 to $7,744 in 2020.
\nThe hike was more evident for median monthly household income per household member, which rose 4.2% per annum \u2013 or 2.8% in real terms \u2013 from $1,638 in 2010 to $2,463 in 2020.
\nThe share of households earning $20,000 and above more than doubled from 6.6% in 2010 to 13.9% in 2020, while households with no employed person grew from 10.5% to 13.3%
\nSuggested read:\u00a0HDB Flat to Private Property: How Much Must You Save To Upgrade Right After MOP?
\nHowever, the hike was in tandem with the increase of households comprising persons aged 65 and older only, said BT. Such households make up 9.3% of resident households, up from 4.6% in 2010.
\nBT said the figures were among the key findings in the second of two releases from the Census of Population 2020, which was based on registered data as well as a survey of 150,000 resident household performed from February to end-2020. BT noted that employer Central Provident Fund (CPF) contributions were included in the household income figures.
\nThe report also noted that over 52.5% of married couples are now dual-career ones, up from 47.1% previously.
\nThe share of married couples in which only the husband is employed declined from about a third in 2010 to about a quarter in 2020. Meanwhile, the share of married couples in which only the wife is employed grew from 5.8% to 7.4%.
\nThe number of resident households in Singapore grew to 1.37 million in 2020 from 1.15 million in 2010. However, the average household size shrank from 3.5 persons in 2010 to 3.2 in 2020.
\nThe 2020 Census of Population also revealed that a greater proportion of resident households are now living in condominiums and other apartments at 16%, an increase from 11.5% previously. Conversely, the share of households living in HDB flats dropped from 82.4% in 2010 to 78.7% in 2020.
\nAnalysts believe that the trend shows that Singaporeans still aspire to live in private housing.
\n\u201cThe younger generation tends to be more educated and many are university graduates. More and more of them may aspire to live in condos for the lifestyle, facilities and long term investment return,\u201d said Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie, as quoted by BT.
\n\u201cApart from rising affluence, the supply of residential units could also be a contributing factor,\u201d she explained.
\nSun also noted that more condominiums have been built in recent years, while no significant rise in the number of launched BTO flats.
\nWith earlier census data showing that more people are remaining single and not having children or having them later, could mean that \u201cthey have more disposable income to spend on housing and are able to afford private housing\u201d, said Catherine He, Director of Research for Southeast Asia at CBRE.
\nThe rise in singlehood could also mean more would be \u201clooking for smaller flats or looking to rent\u201d, said National University of Singapore (NUS) Associate Professor Yu Shi-Ming. Notably, the share of households staying in one- and two-room HDB flats increased from 4.6% in 2010 to 6.5% in 2020.
\nSing Tien Foo, Director of the Institute of Real Estate and Urban Studies at NUS, said the decline in HDB dwellers comes amid strong demand for private housing in the last 10 years.
\nHe noted that the ratio of public to private housing depends on the fiscal budget allocated for housing, long-term private housing price trends and changing housing preferences.
\nProfessor Yu expects the proportion of households living in public housing to hover at around 70%.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Rising household incomes, more condo dwellers seen over past decade<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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