A new report by the Grattan Institute warns that a growing number of older Australians renting in the private market are facing the risk of homelessness due to poverty and inadequate savings. The report highlights that two-thirds of retirees renting in the private market live in poverty, and half have less than $25,000 in savings. Many will not have enough to cover rent during retirement.
Retiree renters are being left behind, putting a growing number of older Australians at risk of becoming homeless, a new report has found. And the problem is only going to get worse, according to the Grattan Institute report. Two in three retirees who rent in the private market live in poverty and half of older renters have less than $25,000 in savings. For the poorest 40 per cent of 45 to 54-year-olds, home ownership has fallen from 68 per cent in 1981 to 54 per cent in 2021.
But under these changes a single retiree who relies on income support would only be able to rent 4 per cent of one-bedroom homes in Sydney, 13 per cent in Brisbane, and 14 per cent in Melbourne. Increasing the maximum rate of rent assistance by $53 a week for singles and $40 a week for couples would provide retirees with enough to rent the cheapest 25 per cent of one-bedroom homes in the Australian capitals, the think tank found.
Homelessness Retirement Rent Assistance Poverty Seniors
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