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

[user8665410]

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.

I suspect euthanasia will be legalised before too long.

Not for humane reasons, but to lower the social care bill.

I finished paying off my student loans just as my eldest children were getting to university age. They are having a much easier path to qualification than I ever had economically. And I couldn't afford my 20-something year old's home that they bought. I'm quite glad they didn't have to do what we did though and move away from family support to afford a home. I like having them near.

If you look at countries with no culture of care homes, or at the history of this country, what happens? Old people who can't support themselves live with relatives, and in some cases never get out of bed again. The relative(s) may have to be present nearly all day and night. This might be sustainable for short periods, but in some cases it could be for 20, 30 years. And it works best if there is a large contingent of younger people in the family and only one or two elderly people. Also, with fewer children being born, what happens to the elderly people with no suitable relatives to care for them? Not only would it take over the lives of the relatives, it would seriously impact their economic productivity, and in large numbers it would impact the productivity of the country.

I don't really see a way out of this one.

My in laws never owned their home. They lived in social housing until they died. Not all older people own their own home.

The answer is more social housing at a fair rent.

Their empty house will be left to their children/families.

You move out of London. Sure there’s a lot of work in London with a lot of high wages. If your on that then you will be able to afford. If your not on 100k+ then you cant be in London if you want to own a home.

If you earn peanuts or don’t earn due and are local to London then you might be lucky enough to get housing association or council support. God knows how as that’s also a shit show but some do manage it.

Squeezed middle - you need to move out. That’s it really in a nutshell.

My grandparents never owned a home. My parents bought their first when I was a teen. It's not worth that much and I don't think I'll ever get the hand out I see many people a generation older than me getting in inheritances. Some of them travel so much and I can only think it must come from inheritances.

They are having a much easier path to qualification than I ever had economically.

How? They must have higher fees than you had?

if it doesn't have to be sold to fund their old age care.

That’s not an uncommon amount of rent for a flat in London. Around here bog standard 3 bed semis are £1900 now, they’ve risen by £300 in less than 2 years. Even if op did move 1hr to a cheaper area, commuting costs would likely wipe out any savings made. It’s a trap, one that seems almost impossible to work your way out of and it’ll almost certainly get worse. I can’t imagine how difficult it’ll be for DD’s in 15 years time.

Why is Mumsnet so obsessed with paying for care! Not every elderly person needs it!

We don't have a car/s, so it's not like we can move to the suburbs or countryside any time soon.

Train? I know commuter belt is still expensive but it'll be less than that!

I got married young and made my way through with babies and young children, so didn't have as much disposable money as they have by waiting (which is obviously a result of my choices). Their fees are not that much higher than mine were, we're helping them out to avoid the crippling loan I had, my parents didn't help me out much. They have their own challenges but economics isn't one of them.

You would be able to buy a car with with money you’d save in rent if you moved further out. I live in a commuter area to London and a 2 bed flat is around £1200 per month. A 2 bed house to buy is £300. Easily affordable on your income if you’re currently paying over £2k!

Most do, even if it's just a few months at the end of life. Those that don't tend to die more suddenly.

Why is Mumsnet so obsessed with paying for care! Not every elderly person needs it!

More people are going to need it though. And I think the model will change, currently care in the home is funded differently to care homes. That will change & it will likely also be the case that if you need that op the NHS waiting list is too long so you will have to go private.

Agreed. I've never known anyone sell their home to pay care fees.

@OilOfRoses I don't understand your point. Your dc have less difficulty affording HE costs because you are helping them out, no shit!

For all those querying OP's rent, I'm in the Midlands and a quick look at Rightmove shows plenty of 4 beds going for in excess of £2.5k. I can assure you none of those homes look remotely palatial.

@OilOfRoses well that is a personal example rather than a generational trend, I am richer than my parents and I hope my children will be richer than me too with what I have within my own control. But generationally speaking younger ones are worse off. I was a young parent too who will finish paying off my plan 1 loans not long before my eldest starts, his student debt, even with me paying his accommodation, will be double mine.

Plenty of millennials are buying houses. Two of my kids are millenials and own their own houses, all their friends with one exception own their own houses.

There will always be people who can afford them. Overseas investors. Wealthy people who buy to let.

People will need to accept a different standard of living though as its a 1 room flat in a block that the hb will pay for...

that’s the key point and this will be a shocker to many people when retirement comes. Many people are used to living in nicer expensive homes, traveling etc and not saving for retirement assuming state pension will cover it, they don’t seem to realize how much state pension is.

As you said people will have to accept a different standard of living come retirement.

I guess I'm in a bubble, as MN likes to say, as both my DC and their best friend own homes I couldn't begin to afford in their 20s. Each generation has it's challenges. There's always been the haves and have nots. I've also noticed a change in attitudes. We started out with what is basically a small crappy home. Our furniture was second hand and not that nice. We improved things over the years. A lot of young people seem to want to get all the nice stuff straight away. Not scientific, just anecdotal from observation. Of course, you can't stereotype a whole generation.

Well I'm a boomer and it was bloody hard to buy my first house and the interest rates were crippling. I worked till I was 69 so if you work till 70 you will probably beat me there but then I left school and started a fulltime job at 15 so maybe it evens up.

My husband did retire early but that was due to a severe disability so I don't think anyone would particularly want to have spent the last 30 years in severe pain.