Is housing affordable in Singapore?

Based on official data, the median HDB 4-room resale flat costs approximately 4.4 years of gross median household income. That is the PropKaki Affordability Index™ for 2025: a median 4-room resale price of S$630,000 at 2025 year-end, against a median monthly household employment income of S$12,027 (S$144,324 annually). The Index is computed annually, against year-end price and the matching year's income, so that both sides of the ratio cover the same period. The figure is gross income before grants, CPF usage and mortgage interest, so it is comparable across years but does not represent out-of-pocket cost.

Affordability in numbers

The Index is computed annually: year-end median resale price against the same year’s median income, so both sides of the ratio cover the same period. The latest-quarter price is shown separately because it moves quarterly and the income series does not — the two are never divided. Income source: SingStat M810361 (median monthly household employment income from work, including employer CPF contributions). Price source: HDB resale transaction data via data.gov.sg.

How to read this honestly

The PropKaki Affordability Index uses gross income before grants, CPF usage and mortgage interest. Singapore's housing grants (Enhanced CPF Housing Grant, Proximity Grant, etc.) materially reduce the out-of-pocket purchase cost for eligible buyers. The index does not capture these, by design — excluding grants keeps the number comparable across years as grant structures change.

The index measures the median HDB 4-room flat because it is the most widely transacted flat type. Private property affordability — which requires a significantly larger down payment and excludes CPF grant support — is separately measured by the URA Private Residential Price Index relative to income on the Affordability Tracker.