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Thread: Incomes rise faster for HDB households 5.2% growth a year outpaces figures for condos

  1. #1
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    Default Incomes rise faster for HDB households 5.2% growth a year outpaces figures for condos

    IN THE past five years, household incomes rose across the board, but they did not do so evenly.

    Households in Housing Board flats had higher income growth than those in condominiums and landed property. And although income from work went up, it now forms a smaller proportion of overall household income.

    HDB household incomes grew 5.2 per cent a year on average, according to the Department of Statistics' Household Expenditure Survey, conducted every five years.

    The latest survey is based on data from 2012 to last year.

    In contrast, incomes rose 3.6 per cent a year for households in condos and other apartments, and 4.2 per cent for those in landed properties.

    In absolute terms, the gap is still stark. The average monthly income was $7,900 for HDB households, while it was $20,536 for households in condos and $26,058 for those in landed properties.

    But with incomes growing faster at the bottom, the income gap seems to have narrowed, noted SIM University economist Randolph Tan. The bottom fifth saw annual income growth of 6.6 per cent, compared with 4.7 per cent for the top fifth.

    Business income continued to account for 11 per cent of income.

    But the share of non-work income doubled to 10.5 per cent, from 5 per cent five years ago.

    It was especially significant for households in the bottom fifth.

    Such households get an average of $536 in such income each month. This represents more than a quarter of their income, up from less than a fifth five years ago.

    More than half of this is from sources such as relatives and friends, as well as Central Provident Fund payouts. Retiree households form a quarter of households in the bottom fifth.

    But much non-work income also comes from the Government, for instance, in the form of GST Vouchers and Workfare Income Supplement scheme payouts.

    Overall, household income growth was driven by rises in work and non-work incomes.

    Business income rose an average of 5.2 per cent a year, while employment income rose 3.9 per cent. Non-work income grew the fastest, at 22 per cent a year.

    The differing growth rates meant that although employment income still forms the bulk of income, its share has fallen.

    It accounts for 78.6 per cent of household income, down from 84 per cent five years ago.

    For households in the bottom fifth, almost $1 out of every $10 in income comes from regular government transfers, noted Nanyang Technological University Assistant Professor Walter Theseira.

    "So, a large part of their income increase is because of the increase in generosity of transfers."

    But this is not a good strategy in the long run, he added. "The Government will need to look at policies that help them increase their job earnings."

    Those at the top are also getting more income from non-work sources, with an average of $2,956 a month. But this is mainly rental and investment income.

    http://www.stproperty.sg/articles-pr...181167/page2/1

  2. #2
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  3. #3
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    Yes yes, condo sales will be hurt very badly and prices will plummet. MSW durian will sell for $5 each. Lelong lelong!
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  4. #4
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    Quote Originally Posted by Kelonguni View Post
    Yes yes, condo sales will be hurt very badly and prices will plummet. MSW durian will sell for $5 each. Lelong lelong!
    MSW still selling average $15 so how can condo price crash when everything is so expensive.

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