For households living in HDB 5-room and executive flats, the average monthly household income is $12,554. For condo households, the figure is $20,491. For landed households, it is $26,701.
This is according to the household income data released earlier this month by the Department of Statistics (Singstat).
To see more of such posts, please Like our Facebook page:
The median monthly household income is now $9,023. This means that if you and your spouse make a combined income of more than $9,023, your family is better off than half the households here.
However, the average monthly household income is $12,027. This means that if your family’s income is exactly $12k, 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 $31,806, which is disproportionately high. This figure is 62% more than what the next decile makes, and the figures for the remaining deciles* go down linearly:
To benchmark your household income against all employed households in Singapore, enter your monthly household income (including employer’s CPF contributions):
See last year’s version of our comparison tool and see how far your family has progressed.
* The deciles are created based on ranking of all resident employed households by their monthly household income from work per household member (including employer CPF contributions). This possibly explains why the overall median is $9,023 but the average of the 41st-50th decile is surprisingly higher at $9,331.