Definitely, homebirth is not for everyone, but people should still consider the option and not think only of the hospital as default.
a) You have a homebirth if your doc is fully supportive and has found extremely low risk of complication based on your check-ups
b) You book a hospital in the event of necessary transfer
c) You have transport ready in the event of necessary transfer
d) You have medical professionals there who will say whether a transfer to hospital is needed or not
e) Said medical professionals can also provide medical support before and during transfer if necessary
f) Medical professionals have a birth kit handy at the homebirth which includes oxygen etc. if resuscitating the baby is necessary
g) If mother has a stroke, umbilical cord has a true knot, or the placenta comes away from the uterine wall too soon - there can be death of mother or baby at home or hospital, doesn't matter where you are when it happens! (The only difference is if it happens at hospital, people will be sympathetic, if it happens at home people will be angry and say it was her fault for trying to give birth outside of a hospital.)
Homebirth is not common in Singapore. My doctor says he does about one homebirth a month, and so far he has transferred one woman but that was because she had a long labour and wanted to go to hospital for an epidural. If birth is so dangerous, why hasn't he had to transfer more of his mothers to hospital? Of course, that still doesn't mean that bad things can't happen. Lot's of bad things happen in hospitals too. (Serious infection for mother or baby, brain damage, death.)
Where do you think our parents and grandparents etc. came from? My husband's dad, 3 uncles and 1 aunt were born at home in the sauna! They were all healthy and so was his grandmother. My friend gave birth to her 3 children at home and they were all fine too. My first birth could have been a homebirth if it was legally allowed where I was living. Baby and I would have been just fine. There are many women who planned a hospital birth but didn't make it there, instead giving birth at home or elsewhere. The vast majority of them are fine too... This is why I ask myself, is birth really that dangerous for the majority of women and their babies?
In the Western world where mothers are well nourished and receive excellent pre-natal care, the infant mortality rate is pretty much equal for home or hospital births. For every bad story about a homebirth gone wrong there is a bad story about hospital birth gone wrong. Just look into your birth options and make your own decisions based on your own pregnancy and where you feel safest giving birth.
I don't think that people are choosing to give birth at home purely for financial reasons, but yes, it can be cheaper to do so.
Don't worry people, I've said my piece on homebirth now.