Upper middle class group (top 20%).
13.9% of the population lives in condos. About 6% live in landed properties. Top 20% of the population lives in private properties.
So, you are in the top 20% of society. You own a condo and car.
Since your condo equity (condo value minus mortgage) is $800k, assuming you still have a mortgage of $200k - $300k, your condo would be worth $1m or more.
Your household income is about $14k pm whereas the median household income is about $8k plus.
So, you are definitely in the upper middle class group.
Quote:
Originally Posted by Unregistered
Couple in late 40s
Our HH income $167k pa
Our HH expenses $134k pa
Our HH savings $33k pa
Our expenses
Condo mortgage $14.4k pa
Food & utilities $24k pa
Car related expenses $7k pa (car paid up)
Medical insurance $20k pa
Children $12k pa
Parents $22k pa
Holidays $10k pa
Miscellaneous $24.6k pa
Total expenses $134k pa
HH net worth
Condo (home equity) $800k
Cash & CPF $600k
Total $1.4m
We are in the middle class group.
But are we in the mid middle class or upper middle class group? |