More HDB dwellers aspire to upgrade: survey

While a larger number of HDB households are aspiring for bigger flats or private property, most are happy with their current housing situation, revealed results from the latest HDB Sample Survey and reported in the media.

In fact, nine in 10 respondents indicated that their flats were good value for money.

Conducted once every five years, the latest report polled 7,800 HDB households in 2013.

Of this number, 57.5 percent said they were content with their current flat type. However, the study found that the number of households aspiring for better accommodation rose from 28.6 percent in 2008 to 35 percent in 2013.

Households headed by someone younger than 35 had the highest aspirations, with three in 10 aiming to own private property compared with the overall average of 15.9 percent.

R’ST Research director Ong Kah Seng noted that the aspirations of existing homeowners may have risen together with home prices.

“Many buyers understand that the flats they own have seen paper gains due to increases in flat prices, so they would like to cash out and top up ‘a bit more’ for a better living experience,” he said.

Although many continue to see their flats as value for money, pride in their homes fell, with seven in 10 expressing pride compared with eight in 10 in 2008.

The survey also highlighted that one in five young married couples under the age of 35 opted to rent instead of acquiring their first home.

This could be due to couples waiting for their flats to be completed or for the right time when they can afford their ideal home, and not because they shun home ownership, explained experts.

 

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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