CHICAGO: Millions of future pensioners are destined to spend their retirement in rental accommodation as home ownership plummets, estimates show.
Up to a third of 60-year-olds will be renting by 2040, with many never having been able to own their own home, it is claimed.
Academics describe renting in retirement as a ‘time bomb’ which will stretch the finances of the elderly while costing taxpayers billions in housing benefit and social care.
Charities warned this could leave them vulnerable to poverty, poor living conditions and eviction.