Why Living in Singapore is Expensive: Factors and the Decision to Stay
Living in Singapore may seem like a glamorous dream to some, but it often comes with a steeper price tag compared to other countries. While many foreigners and locals alike bemoan the high cost of living, the decision to call Singapore home is often a deeply considered one. Economists and social analysts identify several key factors that contribute to the high cost of living in Singapore. However, despite the challenges, many choose to stay for a variety of reasons.
Factors Contributing to High Cost of Living
**Limited Land Space and High Standards of Living:**
Singapore, with its small land area of approximately 700 square kilometers, struggles to accommodate the growing population while maintaining its high standard of living. The compact size of the country makes it difficult to build additional housing and infrastructure, leading to higher costs. For instance, home prices and rental costs are among the highest in the world, significantly impacting the overall cost of living.
**High Property Prices and Car Ownership Costs:**
Property prices in Singapore are often astronomical. According to PropertyGuru, real estate prices have risen steadily, making it challenging for many to find affordable housing. Additionally, the high costs associated with owning a car in Singapore are among the highest in the world. Factors such as taxes, road taxes, and the CCA (Central Area Congestion charging) contribute to the overall expense.
Challenges and Experiences
While the city-state's first-world infrastructure is impressive, it also comes with its fair share of challenges. Many individuals, both locals and foreigners, report feeling overwhelmed by the high living costs. The income gap and social mobility issues further exacerbate the situation, especially for those without a choice in how they live their lives.
For example, a Filipino man once expressed, ‘Sorry, I need to say this, my country may be poor but we don’t make the old people work till 80/85. It is terrible here’. This statement highlights the demanding nature of work culture and the pressures placed on individuals to strive for success.
Youths and Their Choices
When comparing the cost of living, some may argue that other Southeast Asian countries like Malaysia and Indonesia offer more affordable options. However, factors like earning power and the cost of living in places like Malaysia may offset these advantages. For instance, things may be cheaper in Malaysia in Sing-Dollar terms, but the cost of living is higher, and their earning power may not match that of Singapore.
**The Decision to Stay:**
Despite the high cost of living, many people remain in Singapore for various reasons. Some choose to stay because of stable employment, superior healthcare, and well-developed infrastructure. Others might be emotionally or culturally attached to the city, finding the ease of living and cultural diversity appealing.
It's important to note that these decisions are often deeply personal and complex. While many may leave after completing their contracts, feeling bitter about the experiences, the decision to stay signifies a larger commitment to the city and its lifestyle.
**Conclusion:**
The high cost of living in Singapore is a double-edged sword. While the city offers a high standard of living and various perks, the financial burden is not to be underestimated. Despite the challenges, the continued presence of people in Singapore underscores the city's unique appeal, making it a promising choice for those willing to embrace its unenviable position.
h2Key Takeaways/h2 **Limited Land Space**: High costs due to the small size of the island. **High Property Prices**: Berthasiminatedtaxes, and CCA congestion charges. **Car Ownership Costs**: High taxes, road taxes, and congestion charges. **Economic and Cultural Appeal**: Stability, superior healthcare, and cultural diversity.