‘My parents bought their first place at S$100k, 30 years later, something similar is being sold for $1.6 million’

When a Singapore Reddit user asked if young adults in the country are worried about the affordability of housing prices, many netizens joined the discussion, with a number of them remarking on how different things are today from when their parents first started out.

“Watched the recent the daily ketchup episode on property pricing and have to agree with most of what was discussed. As a single myself, I wonder where I am going to end up 5-7 years down the road. Am I even able to afford a hdb given how much prices have gone up while our salary has pretty much stagnated in the past 20 years,” wrote Nunububumemo on r/singapore on Tuesday (Dec 13).

Other Reddit users agreed that things are very different today, and salaries have not kept pace with rising prices.

“My parents bought their first place at S$100k, pretty decent for a middle class young family. Just slightly over 30 years later, I’ve googled that place. Something similar is being sold for $1.6 million. Pretty sure wages didn’t explode by that magnitude in the meantime,” wrote one.

Another person commented that while their parents were able to buy a condominium unit for $700k in the 90s, their neighbour with a smaller unit sold it for $2.8 million.

“Salaries have increased since the 90s, yes, but definitely not four fold,” the Reddit user added.

One netizen who just put a down payment on a place confessed to having second thoughts.

Another appeared to be unsure if he could do “even half of what” his parents have been able to achieve.

“The goalposts have shifted so much,” another pointed out.

One man, however, wrote that for him, the money was not the issue, it was the waiting time. “I’m married and have a child now, till today my house is still not ready.”

Another individual who is a parent commented that he is worried whether his four sons will be able to afford their own homes.

/TISG

Desmond Lee says he’s “committed to keeping public housing affordable & accessible to Singaporeans”