For households living in HDB 5-room and executive flats, the average monthly household income is $12,270. For condo households, the figure is $20,213. For landed households, it is $25,585.
This is according to the household income data released this week by the Department of Statistics (Singstat).
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The median monthly household income is now $8,846. This means that if you and your spouse make a combined income of more than $8,846, your family is better off than half the households here.
However, the average monthly household income is $11,589. This means that if your family’s income is $11k, you are actually considered below average. If you are not sure why the average is higher, you need to know about the difference between average and median. Briefly, the average can be skewed (a lot) by high earning families.
Those at the upper echelons make much more. The families in the top 10% (“top decile”) make an average of $30,175, which is disproportionately high. This figure is 60% more than what the next decile makes, and the figures for the remaining deciles go down linearly:
To benchmark your household income, enter your monthly household income (including employer’s CPF contributions):