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You pay 386% more for housing in Singapore than in Japan – Singapore News

In Japan, a house costs S$329,000 on average. “The average cost for a house in Singapore today is… wait for it, S$1.6 million dollars.”

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SINGAPORE: Mr Shu Matsuo Post, a vlogger who speaks on financial matters, regularly posts videos on his TikTok channel comparing the cost of living between his native Japan and other countries.

On Sept 25, he compared living costs in Japan and Singapore, telling viewers of his 53-second clip to watch till the end, as the final point would “absolutely blow your mind.”

He wasn’t kidding.

Mr Matsuo Post usually compares four things in different countries to make the side-by-side figures make sense to TikTok users: average annual income, the price of a McDonald’s Big Mac, rental fees for a three-bedroom flat, and the average cost for a house.

For income, the Japanese earn S$57,000 on average, versus S$70,000 for Singaporeans.

A Big Mac costs S$4.15 in Japan, while you pay S$7.23 in Singapore.

As for renting a three-bedroom flat, the Japanese pay S$1,382 on average, while Singaporeans pay nearly double, S$2,600.

And for buying your own home, well, this was the biggest shock of all. In Japan, a house costs S$329,000 on average.

“The average cost for a house in Singapore today is… wait for it, S$1.6 million dollars.” Whew.

He added that across the board, prices in Singapore are higher for all three categories, by 74 per cent for a Big Mac, 88 per cent for rental fees, and 386 per cent for a home.

“This is how cheap Japan is. Would you move and live in Japan? Mr Matsuo Post asked.

While Singapore has higher living costs than Japan, it is not, thankfully, the most expensive country in the world.

That distinction belongs to Monaco, where the cost of living is US$3,585 (S$5,400) per month.

Second on the 2023 list from World Population Review is Singapore, US$3,408 (S$4,653).

The cost of living in Singapore is 47 per cent more expensive than in the United States ($2317 or S$3,164).

As for Australia, “Singapore is 42.1 per cent more expensive.” Singapore is cheaper when it comes to dining out, but more expensive in terms of groceries, transportation, housing, childcare, entertainment and sports, and clothing,” this site says, noting that one would pay 90.5 per cent more for housing in Singapore than Australia.”

Meanwhile, this report shows that “according to 2022 data, the cost of living in Singapore is around 39.1 per cent higher than in the United Kingdom,” and this site for expats says that “cost of living in Seoul, South Korea, is 46 per cent cheaper than in Singapore.” /TISG

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