UK's renting millennials face homelessness crisis when they retire
More than 600,000 members of so-called ‘Generation Rent’ are facing an “inevitable catastrophe” of homelessness when they retire, according to the first government inquiry into what will happen to millennials in the UK who have been unable to get on the housing ladder as they age. People’s incomes typically halve after retirement.
If rents rise at the same rate as earnings, the inquiry found that 52% of pensioners in the private rental sector will be paying more than 40% of their income on rent by 2038. They will find themselves homeless or with no choice but to move into temporary accommodation, at the state’s expense, according to the report by the all-party parliamentary group on housing and care for older people. Read More