Shocking Price Surge! Singaporean Discovers Jaw-Dropping Costs After Returning Home

SINGAPORE: A Singaporean who has settled abroad was taken aback by the drastically elevated prices upon his recent return home.

In a candid post on the Reddit forum r/singaporefi, he exclaimed, “I left before prices went crazy on this little red dot.” He recounted that while property and car prices have traditionally been high, everyday items such as chilli crab and hotpot have seen prices leap to multiples of what he had known during the 90s and 2000s.

Notably, he emphasized that even hawker food—once perceived as a budget-friendly option for locals—has been affected by inflation. A plate of Tian Tian Hainanese Chicken Rice, for example, now commands between S$8 and S$10, a stark rise from the S$3 he remembers paying in his youth.

Worried about the increasing cost of living, he sought guidance from the online community, asking, “How do average Singaporean families budget and what’s a realistic figure for an average household today?” He expressed that, should he return home, a modest three- to four-room flat would suffice, eliminating the need for a car as public transportation would meet his needs.

His post sparked a heated debate among fellow Singaporeans, with many weighing in on what it truly takes for a family to make ends meet in today's Singapore. Responses varied widely, highlighting the diverse financial realities many face.

One Reddit user noted, “Many families with a child manage on a household income of S$3K to S$4K and still travel once a year. It really depends on your lifestyle.” Another chimed in, suggesting that a comfortable living for a family of four would require an income of around S$7K to S$10K monthly.

Interestingly, commentary revealed that while some famous eateries have raised their prices due to popularity, affordable alternatives still exist—pointing to the continued complexity of budgeting in Singapore’s unique economy.

This discussion extended beyond personal budgets to the overarching issue of rising living costs. Some Redditors highlighted that price increases over the decades are not entirely surprising, especially with the median monthly household income climbing from S$4,400 in 2000 to an expected S$11,300 in 2024. Notably, income for the top 20% of earners has surged to around S$20,000.

Steady Income Growth

Recent data from the Singapore Department of Statistics (SingStat) shows that the median monthly household income rose from S$10,869 in 2023 to S$11,297 in 2024, reflecting a nominal increase of 3.9%. When factoring in inflation, the actual growth in household income was a more modest 1.4%.

Looking back, statistics reveal that from 2019 to 2024, median monthly household employment income experienced 3.6% real growth, translating to a modest average increase of 0.7% each year over the last five years.

As Singaporeans grapple with these changing economic realities, the conversation about budgeting and financial resilience is more relevant than ever.

Stay tuned for more insights from Singapore as trends continue to evolve!