Increasing housing costs grab lion’s share of Singaporean budgets

Food and transport costs are not far behind.

Housing-related expenditure made up bulk of household spending in 2012/13, a study by the Ministry of Trade and Industry revealed.

30.1% of Singaporean households’ budgets was spent on housing and related expenditure, up from 26.4% in 200/8 and 24.2 in 2002/3.

This translates to roughly $1,734 per month spent on housing-related expenses.

The second-biggest expense goes to food, which takes up 20.6% of monthly budgets, or around $1188 per month.

Transport costs came in third at 14.1%, or $811 per household per month.

Here’s more from MTI:
In 2012/13, housing and related expenditure, food and food serving services and transport continued to account for the largest shares of household expenditure.

Together, they accounted for 65 per cent of average monthly household expenditure, up from the 64 per cent in 2007/08 and the 61 per cent in 2002/03 (Chart 1.4a).

Between 2007/08 and 2012/13, housing and related expenditure registered the largest increase (in dollar terms) among all expenditure groups from $1,170 to $1,730. 

Excluding imputed rental of owner-occupied accommodation, expenditure on actual rentals paid by households renting their accommodation, utilities and household furnishings also increased from $550 to $690.

While expenditure in most categories increased between 2007/08 and 2012/13 and over the longer 10-year period, the increase in spending partially reflects lifestyle changes and consumption of better products and services.