Fall in ageing Australians’ home-ownership rates looms
According to data from the Australian Bureau of Statistics Survey of Income and Housing, home-ownership rates among Australians aged 55-64 years dropped from 86% to 81% between 2001 and 2016. Mortgage burdens have spiked in the 55-64 age group. In 2001 roughly 80% were mortgage-free. By 2016 this had plummeted to only 56%. Indebtedness is even growing among owners aged 65 and over. In 2001 nearly 96% were mortgage-free. By 2016 this proportion had fallen below 90%. These trends are expected to continue. That means, as the population ages, a growing number of older Australians will still be paying off mortgages, or trying to meet rents from fixed incomes.