Private housing prices rose 8.6 per cent in 2022 and 10.6 per cent in 2021, outpacing income growth for many households. 

Private home buyers now pay higher home loan rates. The three-month compounded Singapore Overnight Rate Average rose from under 0.2 per cent per annum at early 2022 to over 3.6 per cent per annum at value date Jun 23, 2023.

Households are further being squeezed by higher inflation, which erodes disposable income.