When you think of “affordable housing”, Singapore might not be the first place that springs to mind. But according to the latest Demographia International Housing Affordability report, we've landed in 17th place worldwide for housing affordability. Surprised? So were we.
The US-based Demographia International Housing Affordability report has just released its 2025 edition, ranking Singapore 17th among the most affordable housing markets globally. The study compares cities across countries such as the UK, Hong Kong, the US, Australia and Canada, using a metric known as the median multiple – a price-to-income ratio that divides the median house price by the median household income.
Singapore’s median multiple for resale HDB flats stood at 4.2, placing it in the “seriously unaffordable” category but in the context of global real estate, it's not too shabby. Singapore still boasts one of the world’s highest home ownership rates at around 90%, with roughly 78% of households living in HDB flats.
The report credits this to Singapore’s long-standing public housing policies, which include generous subsidies for first-time buyers and a supportive framework for low-income housing through the HDB.
The most affordable housing markets in the world
1. Pittsburgh
2. Cleveland
3. St. Louis
4. Rochester
5. Edmonton
5. Middlesbrough & Durham
5. Oklahoma City
5. Omaha
9. Sheffield
10. Cincinnati
10. Detroit
12. Buffalo
12.Louisville
12. Minneapolis-St. Paul
15. Indianapolis
15. Tulsa
17. Singapore
17. Kansas City
See the full list and read the full report here.
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