http://blog.moneysmart.sg/opinion/si...-fears-pretty/
Telling someone property isn’t cheap in Singapore is like giving a blind man an iPad. But young Singaporeans coming of age in the 21st century are realising just how unaffordable housing has become.
While upgrading to a condo was the dream of the baby boomer generation, the prevailing sentiment amongst Singaporeans in their twenties and thirties is that condos are unaffordable that HDB flats still cost a bomb.
No matter what you think of news reports claiming that most Singaporean households can afford HDB flats, the sentiment on the ground remains that housing is a huge burden they’re not sure if they can shoulder.
Lionel, a 29-year-old civil servant, does not even aspire to own property anymore. “The financial burden of being tied to a 25- or 30-year mortgage is too limiting, and obviously there’s also the problem of having to be married before you can buy HDB property. At this point it doesn’t seem like a sacrifice I’ll be able to make anytime soon.”
Arnold, a 32-year-old entrepreneur who intends to get married next year, looks at his coming nuptials as a huge financial burden. “Our BTO flat is going to be ready in 4 years’ time, and I’m already dreading having to make the repayments. Since I am self-employed, I don’t have as much CPF savings as many other Singaporeans my age. Of course, I am worried I won’t be able to make my loan repayments. It looks like I won’t be taking any long holidays for many years to come.”