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

12 min read

Looking to buy private property but not sure how much you can afford? Never fear, for 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.

Understanding the property market dynamics

In the ever-evolving Singaporean property market, understanding the dynamics is crucial. Factors such as government regulations, economic trends, and even global events can influence property prices. Before diving into a condo purchase, it’s essential to stay updated with the latest market news and trends.

Websites like offer valuable insights, market analyses, and property listings that can guide potential buyers in making informed decisions. By keeping a pulse on the market, you can better time your purchase and potentially save a significant amount.

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.

person calculating home loan instalments
Pick a home based on what you can afford for both upfront and ongoing payments.

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 noodles 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:

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

 The estimated monthly income you need to buy a new condo

Market segment Average price Loan amount (75%) Downpayment (25%) Estimated monthly instalment (with 4% interest rate) Estimated monthly household  income 
CCR S$2.22m S$1.67m S$555,000 S$7,948 S$14,451
RCR S$1.75m S$1.31m S$438,000 S$6,266 S$11,393
OCR S$1.38m S$1.04m S$345,000 S$4,941 S$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’s mortgage calculator based on the actual price to determine if it’s within your means. mortgage calculator to calculate mortgage for OCR condo
With’s mortgage calculator, simply input the property value and adjust the tenure, interest rate and LTV ratio. mortgage calculator to calculate mortgage for OCR condo
The mortgage calculator gives you a breakdown of the loan amount, downpayment, monthly instalment and interest.

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)


Rest of Central Region (RCR)


Outside Central Region (OCR):


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 segment Average price Loan amount (75%) Downpayment (25%) Estimated monthly instalment (with 4% interest rate) Estimated monthly household  income 
CCR S$2.24m S$1.68m S$560,000 S$8,020 S$14,582
RCR S$1.5m S$1.13m S$375,000 S$5,370 S$9,764
OCR S$1.12m  S$840,000 S$280,000 S$4,010 S$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 calculate with’s mortgage calculator based on the actual price to determine if it’s within your means.

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

Artist’s impression of D’leedon.







The importance of financial planning

Financial planning is the backbone of any significant investment, especially when it comes to property. Beyond just understanding your eligibility and affordability, it’s vital to have a comprehensive financial plan. This includes considering future expenses, potential changes in income, and other financial commitments.

Tools like the affordability calculator on can provide a snapshot of what you can afford now, but a holistic financial plan will ensure you remain comfortable in the long run. Engaging with a financial advisor or using online financial planning tools can help create a roadmap for your property journey, ensuring you’re well-prepared for the future.

Median salary in Singapore: Can I afford a condo?

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’s affordability calculator!

Tips for first-time buyers

Here are some practical tips tailored for first-time property buyers to help them navigate the process with confidence:

Define your budget clearly

  • Determine your budget realistically. Consider not only the property’s price but also additional costs like taxes, legal fees, and maintenance.
  • Get pre-approved for a mortgage. This helps you understand how much you can borrow and narrows down your property options to what you can afford.

Research extensively

  • Research the property market thoroughly. Understand the trends, upcoming developments, and property values in different areas.
  • Visit multiple properties. Don’t rush into buying the first property you see. Compare different options to get a better understanding of what suits your needs and budget.

Understand your needs

  • Make a list of your essential requirements. Consider factors like location, proximity to schools/workplaces, public transport, safety, and future resale value.
  • Think about your long-term plans. Is this property suitable for your needs in the next 5-10 years?

Consider resale value

Think like an investor. Even if it’s your first home, consider its potential resale value. Opt for properties in areas where prices are expected to appreciate.

Legal and financial assistance

  • Hire a reputable real estate agent and a qualified lawyer. They can guide you through the legal paperwork, ensuring you understand all the terms and conditions.
  • Consult a financial advisor to understand the long-term financial implications and ensure your investment aligns with your overall financial goals.

Inspect thoroughly

Don’t skip the property inspection. Hire a professional inspector to identify any hidden issues with the property. Structural problems can be costly to fix later on.

Plan for additional costs

Prepare for unexpected expenses. Set aside a contingency fund to cover any unforeseen repairs or renovations after purchasing the property.

Negotiate wisely

Don’t hesitate to negotiate the price. Sellers often expect some negotiation. Research comparable properties to strengthen your bargaining position.

Read and understand the contract

Read the sale contract carefully. If there’s anything you don’t understand, seek legal advice before signing. Pay attention to the fine print, especially regarding penalties and obligations.

[Additional reporting by Virginia Tanggono and Jamie Wong]

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

If you found this article helpful, 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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Looking to sell your property?

Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.

One easy way is to send us a request for a credible and trusted property consultant to reach out to you.

Alternatively, you can jump onto’s Property Value Tool to get an estimate for free.

If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal

Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.

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