Here's how much you need to earn to afford a condo (2023) (2023)

Table of Contents
Eligibility versus affordability How much do you need to earn to buy a condo? The estimated monthly income you need to buy a new condo The estimated monthly income you need to buy a resale condo Planning to sell your property to buy a new or resale condo? Let us help you get started. Videos

Looking to buy private property but not sure how much you can afford? Never fear, for 99.co is here — to help you make informed property decisions and beyond!

When it comes to buying property, it pays to be mindful when working out how much you can borrow, so you don’t end up with a very expensive mistake.

Eligibility versus affordability

Eligibility is not to be confused with affordability. In the property-buying context, it is important to note that one’s eligibility to take up a home loan is not the same as one’s ability to afford a property.

How do you afford a condo in Singapore? Some financial experts say that your monthly mortgage repayment, including principal and interest, should not exceed 30% of your gross monthly income.

This is the same as the Mortgage Servicing Ratio (MSR) for HDB flats and new ECs. Others say that such requirements are too stringent.

While opinions on what constitutes a golden mortgage-to-income ratio may differ, what’s important to note is that financial sustainability should always be a key focus when making big-ticket purchases like property. This is so you don’t end up starved of cash for your other goals (or having to eat instant noodle and bread every day).

How much do you need to earn to buy a condo?

To make life easier for property seekers in Singapore, we’ve crunched the numbers to provide the approximate income that you need to be earning to afford a condo. This will depend on the type of condo you’re buying (new condos are generally more expensive) and its location (homes in the Core Central Region (CCR) are more costly).

These estimates are made based on the ability to service mortgage repayments with the following assumptions in mind:

  • You’re a Singapore Citizen without any other residential properties here, and hence don’t have to pay 17% Additional Buyer’s Stamp Duty (ABSD)
  • You’re paying a 25% down payment, maximising the 75% loan-to-value (LTV) limit and taking up a 30-year loan tenure
  • A medium-term interest rate of 4% is applied, as advised by the Monetary Authority of Singapore
  • You don’t have any other loans to service, including property, car loans, personal loans and student loans
  • Total Debt Servicing Ratio (TDSR) framework, which dictates that the total loans you need to service in a month should not exceed 55% of your gross monthly income

For this article, we’re looking at 2-bedroom condo units. Average prices are derived from 99.co’s Researcher, based on sales transactions that occurred in Q4 of 2022. We also used 99.co’s mortgage calculator to calculate estimated monthly mortgage repayments

The estimated monthly income you need to buy a new condo

Market segmentAverage priceLoan amount (75%)Downpayment (25%)Estimated monthly instalment (with 4% interest rate)Estimated monthly household income
CCRS$2.22mS$1.67mS$555,000S$7,948S$14,451
RCRS$1.75mS$1.31mS$438,000S$6,266S$11,393
OCRS$1.38mS$1.04mS$345,000S$4,941S$8,984

*Do note that these estimates are based on the average price, which may be higher or lower than the actual price. We recommend you to calculate with 99.co’s mortgage calculator based on the actual price to determine if it’s within your means.

If you meet the minimum income requirements, here are some new launch condos with 2-bedder units that hover quite comfortably within the average price ranges in the respective market segments:

Core Central Region (CCR):

  • Pullman Residences Newton
  • Leedon Green

New launch CCR condos for sale below S$2.3m

Here's how much you need to earn to afford a condo (2023) (4)

Haus on Handy

18 Mount Sophia · D9

Here's how much you need to earn to afford a condo (2023) (5) 2

Here's how much you need to earn to afford a condo (2023) (6) 1

743 sqft

$2,000,000

Here's how much you need to earn to afford a condo (2023) (7)

Leedon Green

32 Leedon Hts · D10

Here's how much you need to earn to afford a condo (2023) (8) 2

Here's how much you need to earn to afford a condo (2023) (9) 2

667 sqft

$1,720,000

Here's how much you need to earn to afford a condo (2023) (10)

Perfect Ten

323 Bt Timah Rd · D10

Here's how much you need to earn to afford a condo (2023) (11) 2

Here's how much you need to earn to afford a condo (2023) (12) 2

786 sqft

$2,200,000

Here's how much you need to earn to afford a condo (2023) (13)

Ikigai

38 Shrewsbury Rd · D11

Here's how much you need to earn to afford a condo (2023) (14) 2

Here's how much you need to earn to afford a condo (2023) (15) 2

969 sqft

$2,158,000

Here's how much you need to earn to afford a condo (2023) (16)

Cairnhill 16

16 Cairnhill Rise · D9

Here's how much you need to earn to afford a condo (2023) (17) 2

Here's how much you need to earn to afford a condo (2023) (18) 2

775 sqft

$2,170,000

Here's how much you need to earn to afford a condo (2023) (19)

Pullman Residences Newton

18 Dunearn Rd · D11

Here's how much you need to earn to afford a condo (2023) (20) 2

Here's how much you need to earn to afford a condo (2023) (21) 2

667 sqft

$2,145,000

Here's how much you need to earn to afford a condo (2023) (22)

Leedon Green

32 Leedon Hts · D10

Here's how much you need to earn to afford a condo (2023) (23) 2

Here's how much you need to earn to afford a condo (2023) (24) 2

700 sqft

$1,972,000

Here's how much you need to earn to afford a condo (2023) (25)

Kopar At Newton

8 Makeway Ave · D9

Here's how much you need to earn to afford a condo (2023) (26) 2

Here's how much you need to earn to afford a condo (2023) (27) 1

614 sqft

$1,773,000

Here's how much you need to earn to afford a condo (2023) (28)

Irwell Hill Residences

2 Irwell Hill · D9

Here's how much you need to earn to afford a condo (2023) (29) 2

Here's how much you need to earn to afford a condo (2023) (30) 2

657 sqft

$1,980,000

Here's how much you need to earn to afford a condo (2023) (31)

Wilshire Residences

30 Farrer Rd · D10

Here's how much you need to earn to afford a condo (2023) (32) 2

Here's how much you need to earn to afford a condo (2023) (33) 2

753 sqft

$1,968,000

Rest of Central Region (RCR):

  • The Landmark
  • Myra

New launch RCR condos for sale below S$1.8m

Here's how much you need to earn to afford a condo (2023) (34)

The Landmark

173 Chin Swee Rd · D3

Here's how much you need to earn to afford a condo (2023) (35) 2

(Video) How Much This 10-Unit Apartment Makes Me Every Year #realestateinvesting

Here's how much you need to earn to afford a condo (2023) (36) 1

678 sqft

$1,770,240

Here's how much you need to earn to afford a condo (2023) (37)

Tembusu Grand

Jln Tembusu · D15

Here's how much you need to earn to afford a condo (2023) (38) 2

Here's how much you need to earn to afford a condo (2023) (39) 2

743 sqft

$1,700,000

Here's how much you need to earn to afford a condo (2023) (40)

Tembusu Grand

Jln Tembusu · D15

Here's how much you need to earn to afford a condo (2023) (41) 2

Here's how much you need to earn to afford a condo (2023) (42) 2

667 sqft

$1,450,000

Here's how much you need to earn to afford a condo (2023) (46)

Atlassia

30 Joo Chiat Pl · D15

Here's how much you need to earn to afford a condo (2023) (47) 2

Here's how much you need to earn to afford a condo (2023) (48) 1

584 sqft

$1,598,000

Here's how much you need to earn to afford a condo (2023) (49)

Myra

9 Meyappa Chettiar Rd · D13

Here's how much you need to earn to afford a condo (2023) (50) 2

Here's how much you need to earn to afford a condo (2023) (51) 2

732 sqft

$1,700,000

Here's how much you need to earn to afford a condo (2023) (52)

The M

30 Middle Rd · D7

Here's how much you need to earn to afford a condo (2023) (53) 2

Here's how much you need to earn to afford a condo (2023) (54) 1

592 sqft

$1,780,000

Here's how much you need to earn to afford a condo (2023) (55)

Mori

223 Guillemard Rd · D14

Here's how much you need to earn to afford a condo (2023) (56) 2

Here's how much you need to earn to afford a condo (2023) (57) 2

721 sqft

$1,352,000

Here's how much you need to earn to afford a condo (2023) (58)

Amber Park

14 Amber Gdns · D15

Here's how much you need to earn to afford a condo (2023) (59) 2

Here's how much you need to earn to afford a condo (2023) (60) 1

678 sqft

$1,789,000

Here's how much you need to earn to afford a condo (2023) (61)

The Landmark

173 Chin Swee Rd · D3

Here's how much you need to earn to afford a condo (2023) (62) 2

Here's how much you need to earn to afford a condo (2023) (63) 2

678 sqft

$1,763,520

Outside Central Region (OCR):

  • Urban Treasures
  • Bartley Vue

New launch OCR condos for sale below S$1.4m

Here's how much you need to earn to afford a condo (2023) (64)

The Reserve Residences

Jln Anak Bt · D21

Here's how much you need to earn to afford a condo (2023) (65) 2

Here's how much you need to earn to afford a condo (2023) (66) 1

560 sqft

$1,390,000

Here's how much you need to earn to afford a condo (2023) (67)

Blossoms By The Park

Slim Barracks Rise · D5

Here's how much you need to earn to afford a condo (2023) (68) 2

Here's how much you need to earn to afford a condo (2023) (69) 2

678 sqft

$1,240,000

Here's how much you need to earn to afford a condo (2023) (70)

Parc Clematis

8B Jln Lempeng · D5

Here's how much you need to earn to afford a condo (2023) (71) 2

Here's how much you need to earn to afford a condo (2023) (72) 1

689 sqft

$1,380,000

Here's how much you need to earn to afford a condo (2023) (73)

Parc Clematis

(Video) How To Use The 2023 Recession To Get Rich

8A Jln Lempeng · D5

Here's how much you need to earn to afford a condo (2023) (74) 2

Here's how much you need to earn to afford a condo (2023) (75) 2

721 sqft

$1,388,888

Here's how much you need to earn to afford a condo (2023) (76)

AMO Residence

21 Ang Mo Kio Rise · D20

Here's how much you need to earn to afford a condo (2023) (77) 2

Here's how much you need to earn to afford a condo (2023) (78) 1

614 sqft

$1,344,000

Here's how much you need to earn to afford a condo (2023) (79)

Bartley Vue

6 Jln Bunga Rampai · D19

Here's how much you need to earn to afford a condo (2023) (80) 2

Here's how much you need to earn to afford a condo (2023) (81) 1

732 sqft

$1,357,000

Here's how much you need to earn to afford a condo (2023) (82)

Sceneca Residence / Sceneca Square

26 Tanah Merah Kechil Link · D16

Here's how much you need to earn to afford a condo (2023) (83) 2

Here's how much you need to earn to afford a condo (2023) (84) 2

678 sqft

$1,330,000

Here's how much you need to earn to afford a condo (2023) (85)

The Reserve Residences

Jln Anak Bt · D21

Here's how much you need to earn to afford a condo (2023) (86) 2

Here's how much you need to earn to afford a condo (2023) (87) 2

700 sqft

$1,200,000

Here's how much you need to earn to afford a condo (2023) (88)

Blossoms By The Park

Slim Barracks Rise · D5

Here's how much you need to earn to afford a condo (2023) (89) 2

Here's how much you need to earn to afford a condo (2023) (90) 2

700 sqft

$1,200,000

Here's how much you need to earn to afford a condo (2023) (91)

Bartley Vue

6 Jln Bunga Rampai · D19

Here's how much you need to earn to afford a condo (2023) (92) 2

Here's how much you need to earn to afford a condo (2023) (93) 1

797 sqft

$1,385,000

The estimated monthly income you need to buy a resale condo

Despite two rounds of cooling measures in December 2021 and September 2022, prices of condos have increased by 8.1% in 2022. When broken down by market segments, RCR condos saw the highest price increase at 9.7%, followed by OCR condos at 9.3% and CCR condos at 4.8%

If you’re looking for affordable condos, you may want to consider resale condos.

Market segmentAverage priceLoan amount (75%)Downpayment (25%)Estimated monthly instalment (with 4% interest rate)Estimated monthly household income
CCRS$2.24mS$1.68mS$560,000S$8,020S$14,582
RCRS$1.5mS$1.13mS$375,000S$5,370S$9,764
OCRS$1.12mS$840,000S$280,000S$4,010S$7,291

*Do note that these estimates are based on the average price, which may be higher or lower than the actual price. We recommend you to calculate with 99.co’s mortgage calculator based on the actual price to determine if it’s within your means.

Here's how much you need to earn to afford a condo (2023) (94)

If you’re looking to buy resale private property, here are some projects with 2-bedder units that nestle comfortable within the average price ranges in the respective market segments:

CCR:

  • D’leedon
  • 26 Newton

Resale CCR condos for sale below S$2.3m

Here's how much you need to earn to afford a condo (2023) (96)

Juniper Hill

39 Ewe Boon Rd · D10

Here's how much you need to earn to afford a condo (2023) (97) 2

Here's how much you need to earn to afford a condo (2023) (98) 1

635 sqft

$1,762,000

Here's how much you need to earn to afford a condo (2023) (99)

Mackenzie 88

88 Mackenzie Rd · D9

Here's how much you need to earn to afford a condo (2023) (100) 2

Here's how much you need to earn to afford a condo (2023) (101) 2

840 sqft

$1,600,000

Here's how much you need to earn to afford a condo (2023) (102)

Holland Residences

1 Taman Warna · D10

Here's how much you need to earn to afford a condo (2023) (103) 2

Here's how much you need to earn to afford a condo (2023) (104) 2

979 sqft

$2,230,000

Here's how much you need to earn to afford a condo (2023) (105)

6 Derbyshire

6 Derbyshire Rd · D11

Here's how much you need to earn to afford a condo (2023) (106) 2

Here's how much you need to earn to afford a condo (2023) (107) 2

732 sqft

$1,745,000

Here's how much you need to earn to afford a condo (2023) (108)

UE Square

81B Clemenceau Ave · D9

Here's how much you need to earn to afford a condo (2023) (109) 2

Here's how much you need to earn to afford a condo (2023) (110) 2

1,098 sqft

$2,300,000

Here's how much you need to earn to afford a condo (2023) (111)

The Sail @ Marina Bay

2 Marina Boulevard · D1

Here's how much you need to earn to afford a condo (2023) (112) 2

Here's how much you need to earn to afford a condo (2023) (113) 2

883 sqft

(Video) THIS is how you Get RICH in your 20s.

$1,699,000

Here's how much you need to earn to afford a condo (2023) (114)

Nineteen Shelford Road

19 Shelford Rd · D11

Here's how much you need to earn to afford a condo (2023) (115) 2

Here's how much you need to earn to afford a condo (2023) (116) 2

948 sqft

$1,899,880

Here's how much you need to earn to afford a condo (2023) (117)

V On Shenton

5A Shenton Way · D1

Here's how much you need to earn to afford a condo (2023) (118) 2

Here's how much you need to earn to afford a condo (2023) (119) 1

743 sqft

$1,700,000

Here's how much you need to earn to afford a condo (2023) (120)

Sophia Hills

23 Mount Sophia · D9

Here's how much you need to earn to afford a condo (2023) (121) 2

Here's how much you need to earn to afford a condo (2023) (122) 2

700 sqft

$1,572,900

Here's how much you need to earn to afford a condo (2023) (123)

Fourth Avenue Residences

18 Fourth Ave · D10

Here's how much you need to earn to afford a condo (2023) (124) 2

Here's how much you need to earn to afford a condo (2023) (125) 2

689 sqft

$2,000,000

RCR:

  • Queen’s Peak
  • Sky Green

Resale RCR condos for sale below S$1.6m

Here's how much you need to earn to afford a condo (2023) (126)

8 Farrer Suites

8 Sing Joo Walk · D8

Here's how much you need to earn to afford a condo (2023) (127) 2

Here's how much you need to earn to afford a condo (2023) (128) 3

624 sqft

$1,089,999

Here's how much you need to earn to afford a condo (2023) (129)

Kentish Lodge

3 Oxford Rd · D8

Here's how much you need to earn to afford a condo (2023) (130) 2

Here's how much you need to earn to afford a condo (2023) (131) 2

1,023 sqft

$1,460,000

Here's how much you need to earn to afford a condo (2023) (132)

Bliss Residences

17 Jln Masjid · D14

Here's how much you need to earn to afford a condo (2023) (133) 2

Here's how much you need to earn to afford a condo (2023) (134) 2

840 sqft

$1,290,000

Here's how much you need to earn to afford a condo (2023) (135)

Vacanza @ East

36 Lengkong Tujoh · D14

Here's how much you need to earn to afford a condo (2023) (136) 2

Here's how much you need to earn to afford a condo (2023) (137) 1

560 sqft

$850,000

Here's how much you need to earn to afford a condo (2023) (138)

Alex Residences

28 Alexandra View · D3

Here's how much you need to earn to afford a condo (2023) (139) 2

Here's how much you need to earn to afford a condo (2023) (140) 2

657 sqft

$1,420,000

Here's how much you need to earn to afford a condo (2023) (141)

Ritz @ Farrer

142 Race Course Rd · D8

Here's how much you need to earn to afford a condo (2023) (142) 2

Here's how much you need to earn to afford a condo (2023) (143) 2

818 sqft

$1,350,000

Here's how much you need to earn to afford a condo (2023) (144)

The Aristo @ Amber

23 Amber Rd · D15

Here's how much you need to earn to afford a condo (2023) (145) 2

Here's how much you need to earn to afford a condo (2023) (146) 1

624 sqft

$1,240,000

Here's how much you need to earn to afford a condo (2023) (147)

Rezi 24

39 Lor 24 Geylang · D14

Here's how much you need to earn to afford a condo (2023) (148) 2

Here's how much you need to earn to afford a condo (2023) (149) 2

549 sqft

$1,000,000

Here's how much you need to earn to afford a condo (2023) (150)

euHabitat

250 Jln Eunos · D14

Here's how much you need to earn to afford a condo (2023) (151) 2

Here's how much you need to earn to afford a condo (2023) (152) 2

1,012 sqft

$1,550,000

(Video) Time to GET OUT! INVOLUNTARY Condo Terminations

Here's how much you need to earn to afford a condo (2023) (153)

The Aristo @ Amber

23 Amber Rd · D15

Here's how much you need to earn to afford a condo (2023) (154) 2

Here's how much you need to earn to afford a condo (2023) (155) 1

710 sqft

$1,586,000

OCR:

  • The Estuary
  • Skies Miltonia

Resale OCR condos for sale below S$1.2m

Here's how much you need to earn to afford a condo (2023) (156)

The Hillford

174 Jln Jurong Kechil · D21

Here's how much you need to earn to afford a condo (2023) (157) 2

Here's how much you need to earn to afford a condo (2023) (158) 2

657 sqft

$980,000

Here's how much you need to earn to afford a condo (2023) (159)

Ripple Bay

4 Pasir Ris Link · D18

Here's how much you need to earn to afford a condo (2023) (160) 2

Here's how much you need to earn to afford a condo (2023) (161) 2

786 sqft

$1,000,000

Here's how much you need to earn to afford a condo (2023) (162)

Terrasse

23 Terrasse Lane · D19

Here's how much you need to earn to afford a condo (2023) (163) 2

Here's how much you need to earn to afford a condo (2023) (164) 2

850 sqft

$1,200,000

Here's how much you need to earn to afford a condo (2023) (165)

Nine Residences

14 Yishun Ave 9 · D27

Here's how much you need to earn to afford a condo (2023) (166) 2

Here's how much you need to earn to afford a condo (2023) (167) 2

700 sqft

$920,000

Here's how much you need to earn to afford a condo (2023) (168)

Midtown Residences

1189 Upp Serangoon Rd · D19

Here's how much you need to earn to afford a condo (2023) (169) 2

Here's how much you need to earn to afford a condo (2023) (170) 2

646 sqft

$899,000

Here's how much you need to earn to afford a condo (2023) (171)

Vue 8 Residence

89 Pasir Ris Hts · D18

Here's how much you need to earn to afford a condo (2023) (172) 2

Here's how much you need to earn to afford a condo (2023) (173) 1

700 sqft

$950,000

Here's how much you need to earn to afford a condo (2023) (174)

Grandeur Park Residences

7 Bedok Sth Ave 3 · D16

Here's how much you need to earn to afford a condo (2023) (175) 2

Here's how much you need to earn to afford a condo (2023) (176) 2

667 sqft

$1,198,000

Here's how much you need to earn to afford a condo (2023) (177)

Rivertrees Residences

29 Fernvale Cl · D28

Here's how much you need to earn to afford a condo (2023) (178) 2

Here's how much you need to earn to afford a condo (2023) (179) 2

710 sqft

$1,018,000

Here's how much you need to earn to afford a condo (2023) (180)

The Florence Residences

91 Hougang Ave 2 · D19

Here's how much you need to earn to afford a condo (2023) (181) 2

Here's how much you need to earn to afford a condo (2023) (182) 2

667 sqft

$1,199,999

Here's how much you need to earn to afford a condo (2023) (183)

Parc Botannia

18 Fernvale St · D28

Here's how much you need to earn to afford a condo (2023) (184) 2

Here's how much you need to earn to afford a condo (2023) (185) 1

581 sqft

$980,000

Now that you’re caught up with how much both new and resale condos cost in Singapore, you might be asking the million-dollar question (literally): Can I really afford to buy a condo?

We’ll look at the income numbers published by the Ministry of Manpower’s Research and Statistics Department.

According to them, the median gross monthly income from work (this includes employer CPF contributions) of full-time employed residents in 2022 is S$5,070 an 8.33% increase from the previous year.

For the uninitiated, the median takes the income in the middle, so half of the workers earn less than the numbers below, and half earn more.

If you’re a dual-income couple looking at buying a condo, you’ll have twice the earning power to finance it. With your combined income, condos in the OCR and RCR will fall within your monthly affordability range.

After being in the workforce and saving up for a few years, you and your partner will probably be able to afford the hefty downpayment and sign that cheque to buy your dream condo.

Read this: 8 steps to buying a new launch condo in Singapore

Find out more about your affordability range with 99.co’s affordability calculator!

[Additional reporting by Virginia Tanggono and Jamie Wong]

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Planning to sell your property to buy a new or resale condo? Let us help you get started.

If you found this article helpful, 99.co recommends New launch condos launching in Q1 of 2023 to upgrade or rightsize to and A quick review of condo sales with at least 100% gain in December 2022.

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