A new report raises concerns that rising mortgage debt and falling home ownership rates in later life are undermining the role of home ownership in supporting retirees’ financial wellbeing.
Until now, the majority of older people in Australia have achieved the goal of owning their own home outright. Hence, policymakers have typically shown little concern about the size and budget costs of rental housing assistance programs for seniors.
Growing concerns about their home ownership prospects have prompted those in Generation Y to become increasingly vocal about the difficulties of achieving home ownership.