Singapore homeownership rate declines yet remains the highest globally—SingStat

SINGAPORE: The Department of Statistics (SingStat) has revealed new insights into household ownership trends in Singapore through its latest Household Expenditure Survey Report.

The findings highlight a slight decline in homeownership rates alongside increased adoption of digital services and durable goods. The report shows that 87.9% of households in Singapore owned their homes as of last year, down marginally from 89.1% recorded in 2017/18.

Despite this dip, Singapore’s homeownership rate remains among the highest globally. Among the lowest-income 20% of households, home ownership stands at an impressive 83.3%, underscoring the accessibility of public housing policies.

Car ownership has seen a modest increase, with 36.3% of households now owning at least one car, up by one percentage point from five years ago. Notably, even among the lowest-income households, 17% reported owning cars.

The report highlights the pervasive ownership of durable goods across income levels. Over 94% of all households own televisions, washing machines, and mobile phones, with mobile phone ownership reaching a near-universal 99.1%.

Lower-income groups and those residing in smaller housing units also report high ownership rates of these essential items.

Additionally, there has been significant growth in ownership of air conditioners, personal computers, and internet access among the bottom 20% income group and residents of one-room and two-room HDB flats, signalling improved living standards and digital inclusion.

While traditional communication tools like residential fixed telephone lines and pay TV subscriptions have declined, online streaming services have surged in popularity.

Subscriptions to streaming platforms rose sharply from 6.9% in 2017/18 to 41.1% last year, reflecting changing consumer preferences for entertainment.

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