QUOTE(Fiona Chin @ Sep 28 2013, 01:10 PM)
Some figures for young high flyer top 10% couples want to start out with a home and car.
Fixed, lol.
Let's do the math for 'normal' people. Singapore median income last year according to MOM was $3,000. Hubby + Wife = $6,000, of which $4,800 masuk poket, $1,380 (including employer portion) goes to CPF OA. Of $4,800, assume that $1,800 is bare minimum expenses. So the couple's savings available for housing purchase is $3,000+$1,380 per month, or $52,560 per year. In order to own a 1.6mil condo, assume 20% downpayment, 8% BSD+ABSD = roughtly $460k. Loan is $1.28mil, monthly repayment $4,295.
X6, xDrive35i (A) Price: $425,800, Down Payment $212,900 (Maximum 50% loan), Installment $3,882/mth.
So in best case scenario the couple needs to save close to 13 years to buy that condo and X6, and in all that 13 years they need to live frugally, have no kids, no holidays, no entertainment, etc

... and after they make the purchase, they still can't pay the monthly installments needed of $8k
This post has been edited by deodorant: Sep 29 2013, 01:22 PM