Key Insight

From 2013 to 2023, Singapore experienced significant growth in real average monthly household income from work across all dwelling types, although the rate of growth varied considerably. HDB 1- and 2-room flats saw the most substantial increase (86.1%), followed by HDB 4-room flats (37.5%). Condominiums and other apartments and landed properties experienced comparatively smaller increases of 3.7% and 6.6% respectively. The period from 2013 to 2018 shows a faster growth rate compared to 2018 to 2023 for most dwelling types. This suggests a potential shift in economic trends or government policies impacting income growth during these periods. Further investigation is needed to determine the underlying causes for these trends.

Small Interesting Points of Note

HDB 1- and 2-room flats show the most significant increase in income, indicating potential improvement in the economic well-being of residents in these dwellings. Conversely, the relatively lower growth in condominiums and landed properties may warrant further investigation into potential factors influencing income disparities.

Methodology

• Data was obtained from the provided API response which contained information on percentage changes in real average monthly household income from work per household member among resident employed households, categorized by dwelling type for each year from 2000 to 2023.
• The analysis focused on cumulative and annualised changes in income from 2013 to 2023, and for comparison, from 2013 to 2018 and 2018 to 2023.
• These changes were calculated from the data provided representing percentage changes, allowing for comparison of income growth across different dwelling types.
• The key insights are based on comparisons of these percentage changes to identify trends and disparities.

Footnotes

The dataset contained a header row with year values formatted as 'YYYY2', where the '2' appeared as a superscript. The superscript '2' was ignored for analysis.