Debate sparks online as an elderly homeowner reflects on affordability then versus now.
Singaporeans were left in disbelief after a man shared that he had purchased his Holland Drive HDB flat for just S$26,000 five decades ago—a price unimaginable in today’s market.
The discussion emerged when Casey, now 77, told STOMP that his salary of S$250 per month as a UOB bank clerk was sufficient to buy a five-room flat, support his wife (a homemaker), and raise their child. However, he noted that inflation has drastically changed the housing landscape, making homeownership far less accessible.
Over time, he managed to sell the flat for S$180,000, though some neighbours who waited longer, benefiting from the Selective En bloc Redevelopment Scheme (SERS), sold their units for nearly S$900,000.
“Cost of living has risen so much that it’s nearly impossible to keep up,” Casey lamented.
Online reactions were mixed. Some agreed that salaries have not risen in proportion to housing prices, while others argued that lifestyle differences make direct comparisons difficult.
One commenter pointed out that life was simpler decades ago, with fewer expenses like frequent restaurant outings, luxury brands, or overseas holidays. Others debated how inflation should be factored in, with estimates suggesting that S$26,000 back then would equate to around S$120,000 today—still significantly lower than current property prices.
A user calculated that Casey’s flat had cost him 8.6 times his annual salary. Applying the same ratio to a modern-day clerk earning S$3,000 monthly would suggest that a comparable flat should cost around S$309,600—an amount that, while still feasible for some, falls far below current market rates for prime locations.
The discussion underscored a broader concern: while dual-income households are now the norm, many feel that even combined salaries struggle to keep pace with soaring property prices.
