21 Jul 2023

"Staggering" new projections on retirees forced to rent

From Nine To Noon, 9:30 am on 21 July 2023

This audio is not downloadable due to copyright restrictions.

New data from the Retirement Commission shows the number of over 65s renting set to double in the next 25 years to 600,000 people.

In the January to June period this year, a Commission survey found  33% of people aged 55 to 64 surveyed did not own their own home.

Almost 20% of those aged 65-plus were in the same position.

But the Commission says long term, the balance of home ownership is expected to shift to 60% homeowners and 40% paying rent, which means by 2048, 600 thousand older New Zealanders will be renting.

The Retirement Commission says it is a "staggering projection that will change New Zealand's housing landscape". Kathryn speaks with Dr Suzy Morrissey,  Director, Policy & Research.

The senior woman holding gas bill in front of heating radiator. Payment for heating in winter.

Photo: 123RF