The median monthly household has increased by 3.3% annually, and there are more households who live in condos and other apartments than a decade ago.
According to data from the Department of Statistics, Singapore’s household incomes have increased in real and nominal terms over the past 10 years, as reported by The Business Times (BT).
The report shows that condominiums and other apartments are on the rise in Singapore. Experts believe this trend will continue.
The median household income increased by 3.3% per year, which is 1.9% in real terms, from $5,600 in 2010, to $7,744 for 2020.
This was evident in the increase in median household income per household member (or 2.8% in real terms) from $1,638 per year in 2010 to $2.463 in 2020.
The share of households making $20,000 or more has doubled, from 6.6% in 2010, to 13.9% in 2020. Meanwhile, households without an employed person saw their share increase from 10.5% to 13.3%.
BT stated that the rise was due to an increase in households that included people aged 65 or older.These households now make up 9.3% of the resident households, compared to 4.6% in 2010.
BT stated that the figures were one of the key findings of the Census of Population 2020’s second release. This was based on registered data and a survey of 150,000 households conducted from February 2020 to March 2020.BT pointed out that the household income figures included contributions from the employer Central Provident Funds (CPF).
In addition, 52.5% of married couples now have dual-career partners, up from 47.1% in the past.
From about a third of married couples where the husband is employed, to around a quarter of those in 2020, this has fallen from about a third to a third in 2010.The share of married couples where the husband is not employed increased from 5.8% to 7.4%.
From 1.15 million in 2010, the number of Singaporeans living in their homes grew to 1.37million in 2020.The average household size has decreased from 3.5 people in 2010 to 3.2 persons in 2020.
A 2020 Census of Population revealed that 16% of residents now live in condos and other apartments, an increase of 11.5%.In contrast, HDB flats have seen a drop in the number of households that live in them from 82.4% to 78.7% between 2010 and 2020.
Analysts believe the trend is a sign that Singaporeans want to live in private homes.
“The younger generation is more educated, and many of them are university graduates.”According to BT, more and more people may want to live in condos because of the lifestyle, facilities, and long-term investment return. Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie said that.
She explained that “aside from rising wealth, the supply of housing units could also play a role.”
In addition to that, more of these condo dwellers are preferring Normanton Park as their choice, as the accesility and amenities are excellent, perfect for families. See Normanton Park in District 05 Singapore.
Sun also pointed out that there has been an increase in condominium constructions in recent years but not a significant rise in BTO flat launches.
CBRE’s Director of Research for Southeast Asia Catherine He said that earlier census data showed that people are more likely to remain single, have no children, or not have them, which could indicate that they “have more disposable income to buy housing and can afford private housing.”
According to Associate Professor Yu Shi Shi-Ming of National University of Singapore (NUS), the rise in singlehood could also indicate that more people are “looking for smaller flats, or looking to rent”, Yu Shi Shi-Ming of NUS said.The share of HDB flats with one and two bedrooms increased from 4.6% to 6.5% in 2010 to 6.5% by 2020.
Sing Tien Foo is Director of the Institute of Real Estate and Urban Studies (NUS). He said that the decline of HDB dwellers was due to strong private housing demand over the past 10 years.
He pointed out that the ratio between public and private housing is dependent on the housing budget, long-term housing price trends, and changing housing preferences.
Professor Yu predicts that the percentage of households who live in public housing will hover around 70%.