Household Income Increased:
In the last decade, household incomes in Singapore have risen in last decade in real and nominal terms. Upper end of the households saw a huge jump in income. Information is gathered from Department of Statistics and it also includes employers’ Central Provident Fund contributions.
Condo and Apartment Dwellers Increased:
Compared to the last 10 years, the number of condominium and other apartment dwellers has also gone up and this trend is expected to continue. This information is gathered from the Census of Population 2020 where survey from 150,000 resident households was carried out from Feb 2020 to end 2020.
Median Monthly Household Income Increased And Upper Income Bracket Spike:
Measured over the last 10 years, median monthly household income from work increased 3.3% per annum (1.9% in real terms) from $5,600 in 2010 to $7,744 in 2020. Median is taken to eliminate the outliers.
Median household income per household member saw a more significant increase to 4.2% per annum (2.8% in real terms) from $1,638 in 2010 to $2,463 in 2020.
There is a sharp spike in household incomes of $20,000 and more which accounts for 13.9% of households now. This figure is twice that of 6.6% previously.
At the same time, households with no employed persons increased from 10.5% to 13.3%. This coincides with the rise in aged-persons only household of 65 years and older. These households represent 9.3% which is about twice that in 2010 at 4.6%.
Dual Career Married Couples On The Rise:
Increasingly, more married couples are on dual-career status. The figure stands at 52.5% now compared to 47.1% in 2010. Dual-career couples belong to the younger segment accounting for 78.3% of married couples below 35 years of age; and 72.3% of those in the age group 35 to 49.
On husband being employed in married couples, it is now dropped to about ¼ as compared to about 1/3 previously. This points to the trend of househusbands on the rise.
Household Size Shrinking While Resident Households Increasing:
There’s been an increase in resident households in 2020 to 1.37 million compared to 1.15 million in 2010. However, average household size dropped from 3.5 persons to 3.2 persons.
This could be due to the fact that more resident households live in condos and other apartments, up from 11.5% in 2010 to 16% in 2020. Also, resident households staying in Housing Development Board (HDB) has dropped from 82.4% in 2010 to 78.7% in 2020.
Thus, this shows that household sizes have gotten smaller and more have upgraded to condominiums and other apartments from HDB dwelling.
Links to the story:
With increase in household incomes, society has become more affluent so there has been a shift in people upgrading to condos, regardless whether it is leasehold property, freehold property
, executive condo
or Landed Property
. For more information on new condo Singapore
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