This article was first published on DollarsAndSense.sg
In Singapore, most people are encouraged to own their own homes, be it a HDB flat or a private property. According to Singstats, home ownership rate among Singapore households is currently about 91 percent, which ranked us among the top 3 countries in the world.
Generally speaking, home ownership is a good thing from a personal finance standpoint. Having your own home means you avoid having to pay rent to someone else for your accommodations, and do not have to worry about escalating rental cost. Even if you have to service a monthly mortgage, it is more comforting to know that the repayments go towards helping you build equity in your own home.