A recent survey has found that singles in Klang Valley spend RM1,100 on housing, contrary to the reference expenditure guide Belanjawanku, which recommended that singles only spend RM300 on this expenditure.
It cited the National Housing Department that Malaysian houses have become unaffordable, with the average market price of a property being RM372,801 when the annual median household income is only at RM188,208. Its survey also found that singles with car ownership spend a total of RM2,695 without taking into account annual expenses, savings and personal care, in contrast with Belanjawanku’s recommendations that people of the same category can make do and survive with RM2,650.
“Majority of applications were made with the intention of personal refinancing and debt consolidation, indicating that there is a substantial number of Malaysians still struggling with debt,“ it said.