Renting Trends Changing For 30 - 44 Year Olds
The trend in renting and owner-occupation by age group has changed in recent years. In the coming years, older Canterbury people may be more likely to rent privately. Almost 75% of people aged 65 yrs and over own their home outright (without a mortgage).
Whilst younger Canterbury people are less likely to own their own home than in the past and more likely to be renting from a Canterbury buy to let landlord.
Interestingly, whilst the number of Canterbury homeowners in their mid-30s to mid-40s has dropped (as per the graphic, the proportion of those existing Canterbury homeowners in that age range with mortgages has surprisingly fallen from two thirds to half in 25 years!
Where are these Canterbury people in their mid-30s to mid-40s living? Well, they are three times more likely to rent than two decades ago. Around a third of the mid-30s to the mid-40s group are renting from a private landlord, compared with fewer than 1 in 10 in the late 1990s.
If this trend persists into their older ages, in the future, older Canterbury people will be more likely to be living in the private rental sector than today.
These changes in housing ownership patterns could have implications for what life will be like for older Canterbury people in the future.
What are your thoughts on this?