SINGAPORE, Oct 18 — For Shuhadah, upgrading from a Housing & Development Board (HDB) flat to owning a private property is a goal she would like to achieve at some point in her...
Housing and renovation costs were the biggest worry among youths when it comes to cost of living, among a list of five items including groceries, healthcare, utilities and eating out. — TODAY picSINGAPORE, Oct 18 — For Shuhadah, upgrading from a Housing & Development Board flat to owning a private property is a goal she would like to achieve at some point in her life — not for herself, but for her future children, as she is concerned about the continuously climbing cost of homes here.
Among those surveyed, 78 per cent said owning a private home is one of their life goals. In reality, over 80 per cent of Singaporeans today live in public housing. This is the third edition of the survey and it looked at youths’ views on housing, the importance of a university degree, career development, the gap between blue collar and white collar wages and civic participation.
This aspiration to own a private home was especially high among youths aged 18 to 24, among whom 84 per cent agreed or strongly agreed with the statement, and among those from households with a monthly income of S$15,000 or more, with nine in 10 of such respondents agreeing or strongly agreeing.
“It is a very good wealth distribution tool for our kids. With the rising prices of property, our kids will potentially get a decent bequest sum,” said the 28-year-old financial advisor. Dr Leong Chan-Hoong, the head of policy development, evaluation and data analytics at global policy advisory firm Kantar Public, said this generation of youth, having benefited from growing up in a period of global prosperity, would naturally want the best for themselves, and this includes private homes.
Nandini earlier this year picked her four-room Built-to-Order flat. While it is a joyous milestone, it is also a moment tinged with worry that perhaps her future children may not be able to enjoy the same privilege in future. “But at the end of the day, there’s only that much that can be done by the Government,” he added. “With housing prices continuing to skyrocket, it will always be playing catch up in terms of monthly salary to housing prices.”
He noted that the higher income earners are showing a higher than average level of concern, with 84 per cent of those with household income of S$15,000 and above expressing such worries.Dr Lim from SMU said that the worry is mostly driven by broader concerns about the escalating cost of living.
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