Report finds at least 630,000 will be unable to afford private rents on their pension income
More than 600,000 members of so-called ‘Generation Rent’ are facing an “inevitable catastrophe” of homelessness when they retire, according to the first government inquiry into what will happen to millennials in the UK who have been unable to get on the housing ladder as they age.
People’s incomes typically halve after retirement. Those in the private rented sector who pay 40% of their earnings in rent could be forced to spend up to 80% of their income on rent in retirement.
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