Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

So what happens when we're all old and we don't own our homes?

514 replies

user8665410 · 20/08/2023 09:31

Genuine question.

I'm a millennial with no hopes of ever buying a property despite earning a decent income.

There are many in my situation.

What happens when we're all in our 70s, 80s and 90s - which we will be because medical technology keeps letting us live longer - and no longer able to work. Where will we live? Who will support us? Will we just get kicked out of our homes we've been renting for (potentially) decades??

My current rent is £2,585.00, the State won't be supporting that I'm sure.

OP posts:
Thread gallery
8
FutureThroughLensOfThePast · 20/08/2023 09:37

The current generation of homeowners will eventually die off and if no one can afford to buy their empty houses, the prices will drop until they do become affordable.

Original poster
user8665410 · 20/08/2023 09:38

FutureThroughLensOfThePast · 20/08/2023 09:37

The current generation of homeowners will eventually die off and if no one can afford to buy their empty houses, the prices will drop until they do become affordable.

The theory is nice but I just don't see that happening.

OP posts:
Kendodd · 20/08/2023 09:39

Basically, you're fucked.
I'm older, had an easy ride through life simply because the rules/times favoured me, it didn't work any harder blar, blar, blar despite what plenty of my generation will tell you. In fact I bet I worked less hard than most these days.
I'd be marching in the streets if I were you demanding a better deal.

Galaxy2846 · 20/08/2023 09:40

Watching with interest as I am wondering the same thing. Cannot see myself getting my own property anytime soon and seems like i'll be renting for a long time before I can save a decent deposit

Kendodd · 20/08/2023 09:40

FutureThroughLensOfThePast · 20/08/2023 09:37

The current generation of homeowners will eventually die off and if no one can afford to buy their empty houses, the prices will drop until they do become affordable.

And the average age to inherit in the UK is 61

stargirl1701 · 20/08/2023 09:40

Housing benefit pays some rental cost for pensioners at the moment...

DyslexicPoster · 20/08/2023 09:41

FutureThroughLensOfThePast · 20/08/2023 09:37

The current generation of homeowners will eventually die off and if no one can afford to buy their empty houses, the prices will drop until they do become affordable.

That won't happen. Oversea landlords will always be a thing too

SayingwhatIreallythink · 20/08/2023 09:41

Can you move somewhere cheaper? Where are you based?

clarebear111 · 20/08/2023 09:42

In my dark moments, I can see a return of something akin to a poor house or some other institution.

Housing really is the thread that runs through everything in this country. It simply should not cost what it does but what we do in light of that is a mystery to me.

Pal0ma · 20/08/2023 09:42

I've wondered this. I'm not in the UK but in my country millennials have struggled more with home ownership/security than previous generations.

I'm gen x and I do have my own place thankfully but I wonder how the hundreds of thousands of people who can just about afford their rent on their wages are supposed to pay rent on a pension.

DyslexicPoster · 20/08/2023 09:42

I really worry about this for my two friends. They live and rent in prime expensive areas. Rent isn't cheap

BadgeronaMoped · 20/08/2023 09:43

With that rent, could you look at that Skipton mortgage offer for renters (hasn't helped me but may be an option for you).
I sympathise, DH and I are 40, moved in together in 2005, thought the market would settle/slow and it just kept going up and up. Almost got a decent deposit now but it's been a struggle. Glad to have a decent landlord.

OilOfRoses · 20/08/2023 09:44

DyslexicPoster · 20/08/2023 09:42

I really worry about this for my two friends. They live and rent in prime expensive areas. Rent isn't cheap

So they are making a choice that disadvantages themselves? Move out of the prime, expensive area and save. I think people might be surprised. We never thought we'd afford a house but managed it eventually. People also tend to become wealthier as they get older. When you're older, you need smaller homes that cost less. It might not be as dire as people expect.

RosaGallica · 20/08/2023 09:46

Housing really is the thread that runs through everything in this country. It simply should not cost what it does but what we do in light of that is a mystery to me.

Housing and student debt. Debt for what are now the basic qualifications required to get a job. At least in the US student debt is on the political agenda - there’s even been serious talk about reducing it. Here it isn’t an issue and the minute you mention it you get jumped on.

PussInBin20 · 20/08/2023 09:46

I think it will be a big problem and the government won’t be able to afford to help the vast numbers of people in your situation.

I mean that’s probably why they introduced the workplace pension. They know there will not be enough money.

Even if you own your own home, it is quite likely you will need it for your care rather than hand down to the next generation.

theworldsgonefeckingmad · 20/08/2023 09:46

I'm lucky enough to have had some family help to get on the property ladder, I fully expect to sell and pass the money to my children and go in to rented to help them as do a lot of my friends, I don't want to think of them struggling in rented with young children while I have no dependents and I think a lot will do similar

RosaGallica · 20/08/2023 09:48
  • and things are going to get worse in that area with the new student loan plans due to take effect on 2025. I’m not sure how that will impact in short and medium term, beyond the obvious impact stopping women from re-training.
Ylvamoon · 20/08/2023 09:48

Either the Rental Law is changed to favour a long term, vulnerable tenant with housing benefits.

Or people will have to move away to cheaper areas with all the shit that entrails.

Or you are able to save enough, so when housing becomes cheaper you are able to buy with a minimal mortgage in your 50's.
Or be hhomelessness due to falling through all the gaps.

Threenow · 20/08/2023 09:49

I'll let you know when I get there - I'm 64 and renting atm. I'm not in the UK, but things are just the same here.

Cheeesus · 20/08/2023 09:50

Currently 1/3 of UK households are renters. I would imaging that some will be able to pay for rent using their pension and others will get benefits, as happens now.

Cheeesus · 20/08/2023 09:50

*imagine

Purplecatshopaholic · 20/08/2023 09:51

I wonder this too. I have a house so will own it when I have paid off the mortgage. Thanks to expensive divorce this won’t be much before I likely retire but at least there is light at the end of the tunnel. If you rent, how do you afford it when you retire? Genuine question..

kelsaycobbles · 20/08/2023 09:52

Cheeesus · 20/08/2023 09:50

Currently 1/3 of UK households are renters. I would imaging that some will be able to pay for rent using their pension and others will get benefits, as happens now.

around 20% of pensioners

Pickledpigeon · 20/08/2023 09:53

Don’t think that’s the issue, it’s an aging population and lack of people to care for them that will be the issue when you reach that age, not paying rent that will either be funded from your own pension or welfare benefits. (Assuming we still have some then).