PHOENIX: Many of today’s middle-aged and young people face the prospect of never owning a house, as a study warns that home ownership rates could drop below half existing levels.
The research – the first long-term regional analysis by age using 2013 census data – shows home ownership rates in some regional household types have plunged by more than 40 percentage points since ownership peaked at 73.8 per cent in 1991.
It points to much lower home ownership rates in future as today’s retired generation – who still have much higher home ownership rates – pass on…