Making Affordable Housing an Economic Enabler

By Timothy Choy, Ng Kar Yong

January 2020 PENANG ECONOMIC INDICATOR
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Housing is a basic need. However, the Median Multiple approach developed by Demographia International considers houses in Penang to be unaffordable.1 According to the National Property Information Centre (NAPIC), the median house price in Penang is RM280,000 as of Q2 2019, while the median monthly household income, based on the Household Income Survey 2016, is RM5,409. This means that half the households, especially first-home buyers, are unable to afford a home with a price tag of more than RM194,724.There is...

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PM
Timothy Choy

is an economic analyst at Penang Institute. He reminisces the good old days when McD sold popcorn.

PM
Ng Kar Yong

is a statistician at Penang Institute who loves art and nature.

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