How can you afford both a home and a car in Singapore? Everyone dreams about one day owning a car and a home. However, this is not an easily achievable wish for most people: homes can cost hundreds of thousands of dollars, while Singapore is notorious for having extremely expensive car prices starting from S$100,000. Then, how much salary do you need to make this dream come true? As it turns out, quite a lot. In fact, 60% of the top 100 jobs in Singapore don’t pay enough for a person to be able to afford both a home and a car. How Much You Need to Make to Buy a Home and a Car According to ValuePenguin’s analysis, a person needs to make at least S$6,400 per month to afford a housing loan and an auto loan while not sacrificing their other expenditures. Here’s how we break down the math. First, an average 4-room HDB flat costs about S$500,000″ in Singapore. Realistically, most people will choose to make the minimum of 20% down payment, which is 20% S$100,000. To service such a loan over 30 years at an average cost of 2%, a person has to make a monthly instalment of S$1,478. Then, there is another S$60,000 of
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