Debated in Parliament on 2 Apr 2024.
Mr Zhulkarnain Abdul Rahim asked the Minister for National Development (a) whether the Ministry is tracking the trend of the combined monthly income of young couples between the age of 20 and 35 years old who are applying, whether successfully or otherwise, for a HDB BTO flat over the recent years; and (b) whether HDB will consider increasing the BTO housing income limit to allow for more of these young couples to be able to apply for BTO flats.
HDB is committed to helping Singaporeans own their home. The income ceiling to buy a flat from HDB helps to ensure that the limited supply of new flats and significant subsidies that come with such flats are prioritised for those who need them most, such as young couples who are buying their first home.
Currently, the monthly income ceiling for families of $14,000 covers about eight in 10 Singaporean households. The income ceiling is $7,000 for singles and $21,000 for extended families. Between 2018 and 2022, the median monthly household income of couples between the age of 21 and 35 who had a chance to book a Build-To-Order flat was fairly stable and ranged from $5,200 to $5,800.
The income ceilings for the purchase of subsidised HDB flats by families and singles are reviewed regularly. HDB considers a range of factors in such reviews, including the household incomes of Singaporeans and prevailing housing market conditions. In considering whether to raise the income ceilings, we are very mindful of the impact on lower-income households and the market competition they would face from higher-income households.
We will continue to monitor the housing market closely, to ensure that public housing remains affordable and accessible.
PAPERCUTS