Lets take a look at the information provided by the DOS and HDB.
Performing a comparison for the past 3 years.
(HDB resale prices data only show from Q2 2007 onwards)
In 2007
4 Room Resale flats go for about S$278,000. Median household income for 2007 was S$4,375
Assuming the household takes a 90% loan from the HDB for 30 yrs. Monthly insallment would be S$984 per month.
In 2010
4 Room Resale flats go for about S$385,000. Median household income for 2007 was S$5,000
Assuming the household takes a 90% loan from the HDB for 30 yrs. Monthly insallment would be S$1388 per month.
Median Income increased 12.5% percent from 2007.
The monthly payment required from a median income household increases 41% from 2007 to 2010.
Is it due to influx of forgien workers keeping wages down?
Or is it due to the influx of forgieners increasing demand for housing?
Or is it the HDB's bright idea to implement the BTO scheme?
