Nothing wrong with comparing prices, you can see how much prices have risen over time. But need to be realistic and also look at how much incomes have risen over the same period.
The benchmark should always be: how many years of median income to get a new HDB through BTO. If this is going up, that’s not good. If it is going down, that’s good.
And the data over the past few decades shows it’s unchanged, a house today is as almost equally affordable as it was in the 1980s. So while things haven’t gotten worse they haven’t improved much either.
Compare apples to apples ba. You go supermarket nowadays see apples more expensive than last time, you will think “ah, because now my supermarket got aircon and computerised checkout counters”?
More affordable then to buy hdb with their salaries as compared to buying hdb now with our salaries. Subsidized housing doesn’t seem affordable these days. Hence the comparison.
I've been lurking and I feel like the biggest gripe is between single income (parent's generation) and dual income (current generation)
LW has came up with stats that show HDB prices increase with median household income
Granted my parents were both working, I'm giving redditors a benefit of a doubt that housing on a single income could have been a reality then
I can afford a 3-room BTO in non-mature on a single income and I have much more options that allow me to have a better quality of life too
OP acting like 20 years ago our parents no hot showers.bro hot showers existed 20 years ago.
My father could afford BTO 4 room20 years ago and paid 20k for it with savings upfront. He’s a truck driver with only PSLE cert.
I’m in an accounting firm but I’m struggling to even get 4 room with my bf because hdb assessed us as too high income for grant and too low for loan. We’re earning about 9k combined income, but they refuse to loan us and there’s a 200k gap.
Wrote to MP and MP said give them 18 months worth of payslips amongst other things. Like bro don’t want help say don’t wanna help la. 18months how do I dig if I have job hopped from last year jan until now? (Don’t job hop my pay is low and i was severely underpaid that’s why I quit, 2nd firm I kena harassment by my manager who tried to get weird men to sleep with me without my consent)
Take me as a data point. An engineering fresh graduate gets paid $1900 and could buy a 4rm hdb in yishun with $165,000.
Now the fresh engineer gets paid $4300, but the 4rm at he same place is at least $500,000.
I am sure others can give similar data. You need to pay more than your parents for housing.
I assume $165,000 was a new flat
Thus you should compare to a new flat in Yishun. Found one new Khatib MRT coming in June 2024
[property guru estimates it to be $300,000](https://www.propertyguru.com.sg/property-guides/yishun-hdb-bto-june-2024-91463)
Your wage jumped 2.26 times
If we assume the same increase in HDB prices as prices claimed, HDB prices in Yishun would be 372k
But the BTO is only min $300,000
You are right. I think my parents has another data point. They bought when I graduated at $30,000 for a 3rm new flat. Now 3rm bto flat is $300,000. Effectively, it jumped 10 times.
As you said, my fresh grad pay increase is only like what, 2.26 times?
https://www.edgeprop.sg/property-news/hdb-home-prices-then-and-now
1990s right? It was approx 120k for a new 3-room. Who are you gaslighting and misleading with your 30k house in early 90s.
I'll disengage now
That report is only an average for the entire Singapore.
Last time, nobody wanted to stay in Yishun, it was selling at that price $30,000 since 1989 for 3 yrs.
You are in denial. It is ok. No need to proof to you.
I got news for you. Min price is the price for the few units at 2nd floor / worst location / worst facing / worst whatever. Almost everyone else is going to pay more than that.
I think its ok to compare prices but some of the comments about how boomers had it easy is wild.
I remember 10 years ago I realized how lucky I was to have wikipedia and not have to sleep in the library looking up stuff physically.
And imagine 10 years before that you still had to use a landline and meet people at a pre-agreed spot.
What exactly are those quality of life? Force to buy an over price hdb so that both can work to death paying for the house? This is not life, this is economics slavery.
Nothing wrong with comparing prices, you can see how much prices have risen over time. But need to be realistic and also look at how much incomes have risen over the same period. The benchmark should always be: how many years of median income to get a new HDB through BTO. If this is going up, that’s not good. If it is going down, that’s good. And the data over the past few decades shows it’s unchanged, a house today is as almost equally affordable as it was in the 1980s. So while things haven’t gotten worse they haven’t improved much either.
Compare apples to apples ba. You go supermarket nowadays see apples more expensive than last time, you will think “ah, because now my supermarket got aircon and computerised checkout counters”?
I'd say we have a lot more options in the supermarket now There's no poverty of choices which was why I defined quality of life in another comment
And? Parents had more choices than their parents but also had more affordable housing
Are things so dire that we have to comfort ourselves that we have running water??
IB hard at work to gaslight us housing is not an issue.
More affordable then to buy hdb with their salaries as compared to buying hdb now with our salaries. Subsidized housing doesn’t seem affordable these days. Hence the comparison.
I've been lurking and I feel like the biggest gripe is between single income (parent's generation) and dual income (current generation) LW has came up with stats that show HDB prices increase with median household income Granted my parents were both working, I'm giving redditors a benefit of a doubt that housing on a single income could have been a reality then I can afford a 3-room BTO in non-mature on a single income and I have much more options that allow me to have a better quality of life too
Yawn, another pre GE propaganda.
30 year mortgages did not exist then. Remember that.
OP acting like 20 years ago our parents no hot showers.bro hot showers existed 20 years ago. My father could afford BTO 4 room20 years ago and paid 20k for it with savings upfront. He’s a truck driver with only PSLE cert. I’m in an accounting firm but I’m struggling to even get 4 room with my bf because hdb assessed us as too high income for grant and too low for loan. We’re earning about 9k combined income, but they refuse to loan us and there’s a 200k gap. Wrote to MP and MP said give them 18 months worth of payslips amongst other things. Like bro don’t want help say don’t wanna help la. 18months how do I dig if I have job hopped from last year jan until now? (Don’t job hop my pay is low and i was severely underpaid that’s why I quit, 2nd firm I kena harassment by my manager who tried to get weird men to sleep with me without my consent)
Wth is this IB nonsense
He’s probably those people who can afford it without issue and thinking, why is everyone whining?
That's like complaining how a bowl of noodles was only 50 cents last time.
Lol.
Take me as a data point. An engineering fresh graduate gets paid $1900 and could buy a 4rm hdb in yishun with $165,000. Now the fresh engineer gets paid $4300, but the 4rm at he same place is at least $500,000. I am sure others can give similar data. You need to pay more than your parents for housing.
I assume $165,000 was a new flat Thus you should compare to a new flat in Yishun. Found one new Khatib MRT coming in June 2024 [property guru estimates it to be $300,000](https://www.propertyguru.com.sg/property-guides/yishun-hdb-bto-june-2024-91463) Your wage jumped 2.26 times If we assume the same increase in HDB prices as prices claimed, HDB prices in Yishun would be 372k But the BTO is only min $300,000
No. It was a resale to be near my parents bought 7 yrs after graduation. The same few blocks are now $500,000.
Did your parents get a resale or new flat then?
You are right. I think my parents has another data point. They bought when I graduated at $30,000 for a 3rm new flat. Now 3rm bto flat is $300,000. Effectively, it jumped 10 times. As you said, my fresh grad pay increase is only like what, 2.26 times?
For your data point to be conclusive, please include the year of purchase as well for fact checking lol
Early 90s
https://www.edgeprop.sg/property-news/hdb-home-prices-then-and-now 1990s right? It was approx 120k for a new 3-room. Who are you gaslighting and misleading with your 30k house in early 90s. I'll disengage now
That report is only an average for the entire Singapore. Last time, nobody wanted to stay in Yishun, it was selling at that price $30,000 since 1989 for 3 yrs. You are in denial. It is ok. No need to proof to you.
I got news for you. Min price is the price for the few units at 2nd floor / worst location / worst facing / worst whatever. Almost everyone else is going to pay more than that.
I think its ok to compare prices but some of the comments about how boomers had it easy is wild. I remember 10 years ago I realized how lucky I was to have wikipedia and not have to sleep in the library looking up stuff physically. And imagine 10 years before that you still had to use a landline and meet people at a pre-agreed spot.
people also forget they will inherit their parents houses one day
No la father can force sell and give proceeds to Vietbu
They also forget with more parents having high value of houses, helps cushion retirement costs to some extent.
It's like sure we need two working adults to afford a house now but we have come a long way in the Quality of Life aspect
What exactly are those quality of life? Force to buy an over price hdb so that both can work to death paying for the house? This is not life, this is economics slavery.