Despite a slower pace of growth, Singapore’s property market remains strong in 2025. This may prompt us to wonder whether a dream property is still within our reach.
To look at how much we need to earn to own different types of homes in Singapore, we use the minimum possible salary to qualify for sufficient loans and finance our mortgage repayments.
Note that there may be flaws in our assumptions, and those who want to buy a property should crunch their own sums. After all, it will likely be the largest financial commitment you make in your life – until you decide to upgrade!
Here’s some of the assumptions we used:
- Not accounting for any housing grants for those buying HDB flats
- Taking the minimum downpayment of 25% for HDB flats, Executive Condominiums (ECs) and private property purchase, regardless of the loan eligibility and financial capacity of the borrowers.
- Not taking other loans into consideration. This may unnaturally maximise the Mortgage Servicing Ratio (MSR) or Total Debt Servicing Ratio (TDSR) buyers need to comply with. The MSR rate of 30% is used to determine the salary required for HDB flats. The TDSR rate of 55% is used to determine the salary required for ECs (where the minimum occupation period has been fulfilled) and private properties.
- Taking a 25-year home loan tenure with an interest rate of 2.6% for HDB flats and 2.5% for EC flats and private properties to determine the monthly repayments.
- Assuming both husband and wife are working and earning the same salary.
- Not taking any other miscellaneous costs into consideration, including agent fees, stamp duty, legal fees, renovation or other related expenses that are typically incurred for a property purchase.
The Salary You Need To Buy Your Dream Home
| Housing Type | Average Resale Housing Price | Minimum Downpayment | Monthly Repayments | Household Income |
| HDB 3-Room | $452,000 | $113,000 | $1,538 | $5,127 |
| HDB 4-Room | $688,000 | $172,000 | $2,341 | $7,804 |
| HDB 5-Room | $731,000 | $182,750 | $2,487 | $8,290 |
| HDB Executive | $842,000 | $210,500 | $2,865 | $9,550 |
| Executive Condominiums (ECs) | $1,550,000 | $387,500 | $5,215 | $9,482 |
| Condominiums (OCR) | $1,950,000 | $487,500 | $6,561 | $11,929 |
| Condominiums (RCR) | $1,900,000 | $475,000 | $6,393 | $11,624 |
| Condominiums (CCR) | $2,850,000 | $712,500 | $9,589 | $17,435 |
| Terrace House | $4,140,000* | $1,035,000 | $13,930 | $25,328 |
| Semi Detached House | $6,200,000* | $1,550,000 | $20,861 | $37,930 |
| Bungalow | $11,080,000* | $2,770,000 | $37,280 | $67,782 |
| Good Class Bungalow (GCB) | $39,300,000# | $ 9,825,000 | $132,230 | $240,418 |
Legend:
(*) Figures are based Squarefoot Research’s last 6 months transactions from Nov 24 to Apr 25.
(#) The figure is based on URA transactions from Apr 24 to Apr 25 for landed properties sized above 1,400 sqm.
How Much You Need To Earn To Buy HDB Flats
The HBD Resale Price Index climbed to a new high of 201.0 in 1Q2025, a 1.6% increase from the previous quarter. This follows a 9.7% rise in resale price in 2024 and a 4.9% increase in 2023.
The median HDB resale price, based on HDB’s 1Q2025 Resale Statistics, has increased $13,000 to $71,000 compared to last year.
Source: HBD Resale Price Index
4-room HDB resale flat types increased the most, by around 11.5%. In contrast, 5-room HDB resale flat types, enjoyed the smallest price gain of around 1.8%.
| Housing Type | Median Housing Price 1Q2024 | Median Housing Price 1Q2025 | Price Difference (%) |
| HDB 3-Room | $408,000 | $452,000 | $44,000 (11%) |
| HDB 4-Room | $617,000 | $688,000 | $71,000 (11.5%) |
| HDB 5-Room | $718,000 | $731,000 | $13,000 (1.8%) |
| HDB Executive | $818,000 | $842,000 | $24,000 (2.9%) |
For those buying HDB buyers, the salary you need to finance your home loan repayments (not taking any housing grants into consideration) ranges between at least $5,127 and $9,550 as a household.
By and large, this range is within the 2024 MOM’s median gross monthly income of $5,500, $11,000 as a couples who earn the median income. This indicates that the average Singaporean is able to afford an HDB flat. Furthermore, eligible first-timer homebuyers are also given generous housing grants, which may help with the affordability of HDB flats.
Read Also: HDB Price Guide: 5 Cheapest HDB Estates For 2025
How Much You Need To Earn To Buy An Executive Condominium (EC)
Executive Condominiums (ECs) were first introduced in 1996, and an affordable entry point for those seeking better living standards. The strong demand from Singaporeans has pushed the median resale EC price to $1,483 per square foot (psf) in 2025.
Based on the URA transactions for in the last year the average cost of a resale EC unit now costs $1,550,000. To afford this, buyers would need a combined monthly household income of at least $9,482 per month or $4,741 per spouse. While this amount is well below the $16,000 income ceiling for new ECs, prospective buyers should also consider other additional running costs, such as property tax and maintenance fees, which can increase to overall financial burden.
Of course, besides income, you would also have to put down a hefty downpayment worth $387,500 to buy the property.
That said, buyers should understand the key difference between buying ECs first-hand from the developers, which will subject them to the MSR (30%) limit. This will increase the income required to afford an EC. On the other hand, for resale ECs that have completed their 5-year minimum occupation period (MOP), buyers would be subjected to the TDSR (55%) limit. This allows them to use a larger portion of their income to finance the mortgage payments.
For example, the same $1,550,000 EC property bought from the developer will require a combined monthly household income of $17,383. In contrast, couples buying in the resale market (i.e. after the 5-year MOP) may only need a monthly household income of $9,482 instead.
Read Also: Complete First-Timers’ Guide To Buying A New Executive Condominium (EC) In Singapore
How Much You Need To Earn To Buy A Private Condominium
There was also strong growth in the private (non-landed) residential property market over the past year. The URA Private Property Index hit a new high of 211.1 in 1Q2025.
Source: URA Private Property Price Index
The private condominium market is segmented based on three regions: the Core Central Region (CCR), the Rest of Central Region (RCR), and the Outside Central Region (OCR).
Based on SquareFoot Research’s past 6-month transactions, the median unit price for a private residential unit in the OCR region is $2,219 psf. To finance a private property in the OCR, which costs an average of $1,950,000, a household income of at least $11,929 or $5,964 per spouse is required.
Similarly, the median unit price for a private residential unit in the RCR region is $1,831 psf. A household income of at least $11,624 or $5,812 per spouse is required to finance a condominium in the RCR, which costs an average of $1,900,000.
Condominiums in premium CCR locations cost an average of $2,850,000 and have a median unit price of $2,109 psf. A household income of at least $17,435 or $8,717.50 is required to finance the mortgage payments.
Aside from the minimum salary required to finance a private property, it’s worth noting the downpayment of between $487,500 and $712,500 that buyers have to put down either in cash or CPF. This can be as much as 7 times the minimum downpayment required for HDB flats.
Read Also: CCR, RCR, OCR: What Do These District Classifications Mean When Looking For Your Property Purchase
How Much You Need To Earn To Buy A Landed Property
Landed properties, which consist of less than 5% of Singapore’s total residential housing stock, are classified as terrace units, semi-detached units, and detached units (also referred to as bungalows).
Based on Squarefoot Research’s last 6 months of transaction records, the terrace units, which can be considered entry-level landed properties, cost an average of $4,140,000 with a median unit price of $1,967 psf.
To afford a property at this price point that has a median size of around 2,024 sq ft, you will need a monthly household income of at least $25,328 or $12,664 per spouse is required. At this level, it is still within the 2024 MOM Average Monthly Household Income for landed properties of $30,021. Though, this amount may be higher because it takes into account those who own more expensive semi-detached properties and bungalows.
To own a semi-detached unit with a median unit price of $1,662 psf and an average cost of $6,200,000, the household income must be at least $37,930 or $18,965 per spouse. Typically, semi-detached units are bigger than terrace units, with a median size of around 3,456 sq ft.
Finally, detached units or bungalows are generally the biggest types of landed properties, with a median size of around 6,253 sq ft. They cost an average of $11,080,000, or a median unit price of around $1,675 psf.
To finance the mortgage payments at this price point, a household income of at least $67,782 or $33,891 per spouse is needed.
In reality, buyers would need to earn more than this to account for the higher cost of maintenance and running fees for landed properties. Furthermore, with the minimum downpayment of between $1,035,000 and $2,770,000, buyers would need sizeable cash savings in order to afford these properties.
Read Also: Complete Guide To Buying Landed Property In Singapore
How Much You Need To Earn To Buy A Good Class Bungalow (GCBs)
The average price for the crown jewel of residential properties in Singapore, i.e. the coveted Good Class Bungalows (GCBs), was derived based on URA transaction records for landed properties sized above 1,400 sq m (or 15,000 sq ft).
There was a total of 13 transactions that met this requirement from 1Q2024 to 1Q2025, with the lowest transaction recorded at around $23 million for a unit at Ewart Park. In contrast, the highest transaction was recorded at Gallop Park for around $58 million.
In addition to placing a deposit of nearly $10 million, you would need a monthly household income of around a quarter of a million dollars to afford a GCB in Singapore. In reality, the average GCB homeowner might be earning much, much more than this minimum salary range, given the atronomical sums involved for just the downpayment, as well as potential cost of upkeeping such properties.
Read Also: 4 Reasons Why A Good Class Bungalow (Assuming You Can Afford It) Is A Great Investment
You Are Buying A Home, Not Investing Your Life Savings
With rising property prices, we may think that affordability is worsening, which might prevent us from taking action to purchase our dream home. While this exercise to uncover the minimum salary required to own each home type is purely theoretical, it can also serve as decent a reference for acquiring the different types of properties in Singapore, including the minimum salary needed to finance the mortgage payments.
Of course, we made some assumptions to simplify the calculations. But, in reality, we may have other loan obligations, and banks might use a higher stress-test interest rates that may restrict our borrowing limits. Furthermore, we should also factor in recurring property-related costs, such as maintenance fees and property taxes, that might affect our overall ability to finance the property.
That’s why it’s always better to stay prudent when purchasing our home by having a bigger buffer to stomach short-term personal crises that may arise due to job loss or unexpected emergencies. We should also consider longer term milestones such as having children and the added expense that comes with it.
For those of us who need assistance in finding the best rates to finance our property purchase, having a good, trusted broker like our friends at Redbrick could not only give us a piece of mind but also allow us to enjoy unparalleled service.
The best part? The service is free since brokers like them receive their commissions from the banks. Whether you want the best loan rate or just someone to walk you through the process, feel free to get a non-obligatory quote and consultation.
Read Also: 3-3-5 Rule Of Buying An HDB Flat: How Much Can Singaporeans Really Afford?
