Rising HDB Resale Prices Worry 32-Year-Old: “Working-Class Locals Like Me Are Being Priced Out”

SINGAPORE — A 32-year-old Singaporean man recently voiced concerns on social media about rising HDB resale prices, fearing he may be priced out of the property he’s been saving for. Sharing his thoughts on r/Singapore Raw on January 31, he expressed concern that stagnant wages, coupled with increasing prices, are pushing affordable options out of reach for working-class locals like himself.

The man, who is single and not yet eligible to purchase a resale flat until he turns 35, hoped to secure a four-room unit. His plan was to rent out part of the space to cover expenses should he ever lose his income. However, soaring property prices are making this goal increasingly difficult. He added that prices in previously affordable areas like Marsiling have risen sharply, with flats once priced around S$300,000 pre-COVID now reaching S$500,000, even for older units.

Some Reddit users, however, questioned his need for a larger four-room unit as a single individual, with one commenter noting, “Singles can easily afford a 2-room or 3-room. There’s a mismatch between your wants and your means.” Others pointed out that public housing is designed primarily for owner-occupancy, not investment, and that four-room flats are priced with families in mind.

Real estate experts, including those from OrangeTee, Huttons, and PropNex, project that HDB resale prices may continue to climb in 2024, though at a “moderate” rate as various factors influence the housing market.