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Home HDB HDB Resale How much do you need to earn to buy a 4-room HDB resale flat? (2025)

How much do you need to earn to buy a 4-room HDB resale flat? (2025)

Updated: 16 min read
HDB blocks and MRT
HDB blocks and MRT

If the BTO wait is too long and getting a condo is too expensive, your best bet is to go for an HDB resale flat.

Not only are there lots of HDB resale flat options spread across the island, but they also tend to come with a bigger floor area. And the best part about getting an HDB resale flat? If there’s not much renovation to be done, you can move into your new home within three months!

But as with any other property purchase, you need to work out your finances. And with HDB resale prices increasing over the past three years, it’s even more important to ensure that you’re buying one within your means.

Previously, we’ve done an article on how much you need to earn to afford a condo, and another on Executive Condo (EC). So this time, we crunch the numbers to estimate the monthly income to afford an HDB resale flat in the various estates.

Table of contents

How the estimated monthly instalment and income are calculated 

For illustration purposes, we’re using the average resale prices of 4-room HDB resale flats from our Researcher tool, derived from sales transactions in the last six months (up to September 2024) in the various HDB towns.

Based on the average prices, we can calculate the estimated monthly instalments using a mortgage calculator.

The estimates will be based on the following assumptions:

  • You’re taking HDB loan (maximising the 75% loan-to-value ratio, so the downpayment will be 25%)
  • The loan tenure is a maximum of 25 years, with a current interest rate of 2.6%
  • You’re not paying any other housing loans

When taking a home loan, there’s a limit to how much you can take relative to your income. In the case of public housing, the monthly instalment shouldn’t exceed the 30% Mortgage Servicing Ratio (MSR), which restricts the property loan amount you can take for an HDB flat (new or resale) or a new EC.

Couples stressed over the finances to buy HDB resale flat
For home loans of HDB resale flats, you can only use up to 30% of your monthly income to pay the instalments.

So based on the estimated monthly instalment, we can calculate the monthly income you need to have to buy an HDB resale flat in the various HDB estates. We’re not taking into account any CPF resale grants and savings in the calculations.

The estimated minimum income to buy a resale flat in the various HDB towns

HDB town Estate type
Average price of a 4-room flat		 Loan amount (75%) Downpayment (25%) Estimated monthly instalment (with 2.6% interest rate)
Estimated monthly household income
Bukit Panjang Non-Mature S$548,949 S$411,711 S$137,237 S$1,951 S$6,504
Queenstown Mature S$889,993 S$667,494 S$222,498 S$3,158 S$10,527
Punggol Mature S$638,854 S$479,140 S$159,713 S$2,272 S$7,575
Hougang Non-Mature S$591,179 S$443,384 S$147,794 S$2,103 S$7,009
Clementi Non-Mature S$712,283 S$534,212 S$178,070 S$2,533 S$8,443
Sembawang Mature S$581,972 S$436,479 S$145,493 S$2,070 S$6,899
Kallang/ Whampoa Mature S$851,095 S$638,321 S$212,773 S$3,023 S$10,076
Sengkang Mature S$619,322 S$464,491 S$154,830 S$2,202 S$7,341
Central Area Non-Mature S$879,803 S$659,852 S$220,950 S$3,127 S$10,425
Bukit Merah Non-Mature S$839,872 S$629,904 S$209,968 S$2,989 S$9,962
Yishun Mature S$534,388 S$400,791 S$133,597 S$1,900 S$6,334
Choa Chu Kang Non-Mature S$526,115 S$394,586 S$131,528 S$1,874 S$6,245
Bedok Mature S$594,033 S$445,524 S$148,508 S$2,116 S$7,052
Geylang Mature S$780,276 S$585,207 S$195,069 S$2,774 S$9,247
Woodlands Non-Mature S$534,930 S$401,197 S$133,732 S$1,904 S$6,347
Jurong East Mature S$524,667 S$393,500 S$131,166 S$1,866 S$6,221
Ang Mo Kio Non-Mature S$663,220 S$497,415 S$165,805 S$2,359 S$7,863
Jurong West Mature S$517,071 S$387,803 S$129,267 S$1,840 S$6,132
Bukit Batok Mature S$591,775 S$443,831 S$147,943 S$2,103 S$7,009
Serangoon Non-Mature S$624,579 S$468,434 S$156,144 S$2,220 S$7,400
Pasir Ris Non-Mature S$606,236 S$454,677 S$151,559 S$2,158 S$7,194
Tampines Mature S$637,024 S$477,768 S$159,256 S$2,268 S$7,561
Toa Payoh Mature S$806,881 S$605,160 S$201,720 S$2,864 S$9,548
Marine Parade Mature S$579,544 S$434,658 S$144,886 S$2,070 S$6,899
Bishan Mature S$733,772 S$550,329 S$183,443 S$2,608 S$8,692
Bukit Timah Mature S$692,492 S$519,369 S$173,123 S$2,453 S$8,178

Where are the most affordable HDB resale flats at? 

Based on the average prices of 4-room HDB resale flats listed above, the most affordable resale flats are generally in Jurong East, Jurong West, Woodlands, Yishun, and Choa Chu Kang.

The estimated income range to buy a 4-room HDB resale flat in either one of these estates is around S$6,132 to S$6,347.

4-room HDB flats for sale

 

As you can see from the table above, cheaper flats tend to be located in non-mature estates where the towns are newer and further away from the city centre.

But don’t discount mature estates just yet. You can also find some cheaper flats in mature estates, including Pasir Ris, Bedok, Tampines, Marine Parade, and Serangoon, where the average prices of 4-room flats are on the lower end of the spectrum. The downside is that they’re probably older flats.

4-room HDB flats for sale

 

Where are the most expensive HDB resale flats at? 

The most expensive flats are generally in the centrally located estates, such as Central Area, Queenstown, Kallang/ Whampoa, Toa Payoh, and Bukit Merah. These are also where you can find million-dollar flats and rare types of flats such as HDB maisonettes.

skyoasis @ dawson 1.7m ath
Located on Margaret Drive, a 1,195 sqft five-room HDB apartment in Skyoasis @ Dawson broke the HDB resale price record for a S$1.73 million on June 26th. Image credit: Google Maps.

With the average prices ranging between S$806,881 and  S$889,993, you’ll need to earn a monthly household income of around S$9,548 to S$10,527 to afford a flat in one of these estates.

4-room HDB flats for sale

 

HDB grants available for resale flats in 2025

If you’re a first-time buyer, you may qualify for various grants that can significantly ease the financial burden. HDB grants are available to most Singaporean citizens or permanent residents (PRs) purchasing either a new or resale flat. Depending on your eligibility, you may qualify for multiple grants, which can greatly reduce the cost of your flat. These grants are applied toward the flat’s purchase price, lowering the amount you need to borrow for your home loan.

Here’s a summary of the main grants:

Enhanced CPF Housing Grant (EHG): Available for both new BTO flats and resale flats, with a grant amount ranging from S$5,000 to S$120,000.

CPF Housing Grant (for resale): Up to S$80,000 for first-time families buying a resale flat.

Proximity Housing Grant (PHG): Grants of up to S$30,000 if you’re purchasing a resale flat to live near or with your parents or children.

If you’d like to learn more about the specific grants you’re eligible for, check out our article on HDB Grants for couples/families: Guide on BTO and HDB Resale Grants.

Renovation and furnishing costs for 4-room HDB resale flats in 2025

When purchasing a resale flat, it’s essential to consider the cost of renovation, as most units will require updates. Whether it’s a minor facelift or a complete overhaul, making a resale flat feel like home often involves some investment. For a standard 4-room resale HDB flat, mid-range renovation costs in 2024 are estimated to fall between S$58,000 and S$72,200. However, these numbers can fluctuate based on a variety of factors.

The total cost of renovation can be heavily influenced by the extent of structural changes you plan to make. Major modifications, such as knocking down walls or reconfiguring the layout, will naturally raise the cost. The quality of materials also plays a significant role – premium finishes or durable options will add to your budget but may offer better long-term value. Similarly, the brand and quality of furnishings you select, from appliances to furniture, will affect the overall expense.

Another major factor is whether you hire an interior designer or go directly to a contractor. Engaging an interior designer typically provides a more comprehensive service, including space planning, aesthetic design, and project management, but this option is usually more expensive. On the other hand, working directly with a contractor could help lower costs, though it might require more hands-on involvement.

While renovation loans can help manage these expenses, it’s important to remember that they come with interest, which can increase your overall costs. For a more conservative approach, it’s assumed that renovations are paid for in cash to avoid adding to your debt. This allows you to better gauge your true affordability without the burden of additional loan repayments.

Whichever location and property type you’re buying, you should ensure that it’s within your means. In the case of HDB resale flats, whether you’re taking an HDB loan or a bank loan, you’ll have to meet the MSR requirement so that you’re not overleveraged.

But don’t just count on the MSR. Take into account your CPF and cash savings as well. On top of that, you should have at least six months of savings to cover your monthly instalments, in case of a loss of income.

Planning to sell your HDB flat to upgrade to a bigger one? List your property with us yourself at no charge.

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About 99.co

We are a property search engine with the overarching goal of building a more transparent and efficient property market. We are working towards that future by empowering people with the tools and information needed to find a place to live in the best way possible.

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 99.co’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 99.co.

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Comments

    • Erik
      August 29, 2021

      Hello, I find this article misleading which based on average price and benchmark the expensive estate. Please share the numbers, includes type, age of flats, and past transaction to justify Bukit Timah has the highest tag.
      As for renovation, most cases renovation is needed, unless the unit was recently renovated or not more than 5 years. And renovation cost for resale flat would be higher than BTO.

      • Virginia Tanggono
        September 03, 2021

        Yes, while using overall averages may not show the full picture, this article is only meant to show the estimated income to buy a resale flat in the respective estates. So we still recommend that readers calculate based on the actual price to determine affordability.
        As for Bukit Timah, this is because the transactions during the first half of 2021 were 3-room flats and larger. Although they’re older, they also come with larger floor area, translating to higher prices. So this is one of the reasons leading the estate to have such a high overall average price. You may also refer to the resale transactions published on HDB https://services2.hdb.gov.sg/webapp/BB33RTIS/BB33PReslTrans.jsp’ defer=’defer

    • Yahya Bin Saleh
      August 29, 2021

      I just hope HDB allow me to get new 3 Room BTO flat although I had already owned twice new flat and twice HDB Loan. I would like to downgrade from 5 Room Resale to 3 Room BTO flat as m 2 sons and a daughter already married and have their own flats. Preferance Jur East.

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