Singapore · SGD · very high cost city

Savings rate in Singapore — are you on track?

Singapore is a very high cost city. Singapore median private rental is around S$3,500/month; HDB flats are cheaper but subject to occupancy restrictions for non-citizens. Singapore's mandatory CPF contributions mean effective savings rates are high, though the cost of living for renters is significant.

Median rent

S$3,500/mo

Singapore 2018

Typical other costs

S$2,500/mo

excl. housing

Savings benchmark

16–29%

mid-income SGD

Pre-set for Singapore — adjust to your situation

Country
S$80,000
S$20,000S$310,000S$600,000+
S$3,500/mo
S$0S$5,000S$10,000+

Food, transport, subscriptions, going out — everything except rent

S$2,200/mo
S$0S$4,500S$9,000+

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What a good savings rate looks like in Singapore

Using data from Singapore DOS HES 2017/18, people at mid-range incomes in Singapore typically save between 16–29% of gross income. In a very high cost city like Singapore, housing costs can compress that meaningfully — especially for renters.

Minimum
16%
floor — not building
Expected
22%
benchmark
Strong
35%
top tier

Source: Singapore DOS HES 2017/18. Benchmarks shown for mid-income earners in Singapore.

See full cost breakdown for Singapore →

Compare nearby cities

Sydney

Also in the Verdict suite

SalaryVerdict — Is your Singapore salary competitive?SpendVerdict — Is your Singapore rent too high?