*Image has been generated with the assistance of AIThe journey from an HDB flat to private homeownership is a well-trodden path for many homeowners. The idea has been straightforward enough: buy a flat, hold it, sell it when the time is right, and put the proceeds towards a private home.In a survey of 1,533 HDB flat owners conducted between February and June 2026, PropNex Research found that 55.1% of respondents aspire to own a private home. Interestingly, the desire to upgrade has not faded, despite years of rising prices. According to the Urban Redevelopment Authority's Property Price Index (URA PPI), overall private home prices have climbed for nine straight years since 2017 at the time of writing. Compared with PropNex's 2024 survey, the share of respondents who said upgrading was out of reach regardless of timing eased to 33.8% in 2026, from 36.7%. Those expecting to make the move within five years rose to 38.2%, from 34.7%, and 8.3% said they could do so within the next 12 months. The upgrading intent is strongest among Millennials at 65.8% which may be reflective of their life stage needs amid family formation, career progression and changing lifestyle preferences.Setting a budget and keeping to itAn overwhelming 92.1% of the respondents cited a budget below $2.5 million for a private home purchase, with the largest group (30.1%) sitting in the $1 million to $1.5 million band (see Chart 1). For context, URA Realis caveat data showed that some 62% of new non-landed private homes (ex. executive condominiums) sold in the first half of 2026 were priced at under $2.5 million. This means that the respondents' stated budgets already line up quite closely with where the market is transacting.Chart 1: Nine-in-10 budgets sit below $2.5 million Source: PropNex ResearchOf note, findings also showed that the preferred property types selected by the respondents generally align with their budgets. For instance, 44.3% of those who indicated a budget below $1 million opted for public housing for their next preferred home, while at $1.5 million to $2 million, a new EC is the single most-cited next home option. At a budget of $2 million to $2.5 million, a new launch condo becomes the top choice - selected by 24.8% of respondents in that price band.What buyers want?Presented with a hypothetical price of $2,200 psf, which was roughly the average price for new mass-market homes in 2025, about 39.9% of the respondents picked a three-bedroom unit spanning 800 to 1,100 sq ft as their preferred option (see Table 1). This was followed by the two-bedder which was selected by 33.5% of the respondents.Table 1: Preferred unit-type among respondentsSource: PropNex Research, does not add up to 100% due to roundingIn terms of preferred location, around 40.6% of those polled would buy a property near their current home (see Image 1), which indicates that familiarity with the neighbourhood, established routines, and community networks matter for some households. Many respondents who picked this option are residing in Tampines, Toa Payoh, Punggol, Bukit Panjang, Woodlands and Hougang.Among the geographic areas, the city fringe and East region were the most popular options, chosen by 18.5% and 13.7% of the respondents, respectively. These were immediately followed by the North-East region, and the City/Downtown area.Image 1: Preferred location for next homeSource: PropNex ResearchOn key attributes that they look for in a new home, 77% named proximity to an MRT station or transport hub, 67.0% a reasonable price, and 41.6% adequate space. From the findings, convenience, affordability, and space are the top considerations when making a property purchase decision.The EC questionRespondents were relatively positive on the continued relevance of executive condominiums (EC) - a public-private housing hybrid - though sentiment has shifted noticeably from 2024, when a similar survey was conducted. ECs were introduced in the 1990s as an affordable route into private housing for the middle class. About 37.7% of respondents said ECs are still relevant to the households they were designed for in the latest survey, down from 44.6% who felt the same in 2024 (see Chart 2). A likely reason for the pullback in sentiment could be rising new EC prices in recent years. According to caveats lodged, the median unit price of new ECs rose to $1,844 psf in the first half of 2026, compared with $1,537 psf in 2024.To this end, 51.9% of those surveyed called ECs unaffordable, with just 10.9% saying that new ECs are affordable. In the 2024 edition, 54.3% viewed ECs as unaffordable, while 13.1% said they were affordable.Chart 2: Are ECs still relevant to middle- and upper-middle income families?Source: PropNex ResearchChart 3: If you were to purchase an EC, what are your plans for it?Source: PropNex ResearchSeparately, the survey findings also suggest that for a large share of respondents, an EC is seen less as a permanent home than a stepping stone. About 26.7% intended to stay for the long term with no plans to sell or rent it, while the remaining three-quarters hold a more transactional view. About half of them will sell either after fulfilling the minimum occupation period (MOP) or after the EC is privatised, while 22.2% would hold the unit as an investment property and rent it out after the MOP (see Chart 3).These findings may be instructive in the light of the new EC measures announced on 8 May 2026, where the MOP for new ECs doubles to 10 years, full privatisation moves from 10 to 15 years, the Deferred Payment Scheme is removed, and there is greater priority for first-timer buyers. The extension of the MOP and privatisation timeframe will have a direct impact on encouraging long-term stay in ECs.Accounting for the new EC rules, the survey questionnaire was tweaked in the final weeks to capture respondents' view on the new measures. Of the 98 responses drawn, 45.9% indicated that they are unlikely or most unlikely to purchase a future EC affected by the new rules, while 15.3% said they are likely or most likely to do so. The most cited deterrent among these respondents was the 10-year MOP. The upgrading hurdleOverall, high private home prices remain the main obstacle to upgrading, as cited by 66.3% of the respondents. The additional buyer's stamp duty (ABSD) was the second-most-cited challenge with a 31.2% share of the responses - lower than the 49.9% recorded in the 2024 survey, suggesting that households may have acclimatised to the last ABSD hike of April 2023.Affordability perception still favours public housing. Asked to rate various housing types separately based on affordability, 40.4% of the respondents felt HDB build-to-order flats are affordable, and 16.7% said HDB resale flats are affordable. However, sentiment toward private housing is considerably more strained - just 5.8% find new private launch prices affordable, with 63.0% calling them unaffordable, while private resale fares slightly better at 8.3% affordable against 59.2% unaffordable.In view of affordability and buyers' budgets, the quantum play pricing strategy will remain an important lever for developers to keep prices manageable for HDB upgraders. Meanwhile, a resilient, well-functioning HDB resale market can give flat owners the confidence and the means to move up the housing ladder, whether that is to a bigger flat, an EC, or a private home. Read the full report here.