Per Global News
Millennial renters need to save 50% more than homeowners to retire
4/19/2023
A new report trying to find out the retirement readiness of Canadians found that millennials that decide to rent for their whole careers would need to save more than those that own homes. It was found that millennial renters needed to save 50% more than their homeowner counterparts.
Millennial renters that want to feel ready to retire at the age of 68 would reportedly need to save eight times their salary. However, if they owned homes, they would only need to save 5.25 for their salary.
By saving 5.25 in their salary, millennial homeowners could feel ready at the age of 65. The report also tackled some of the main differences between homeowners and renters.
“Homeownership also gives retirees flexibility, as retirees who downsize may be able to access a significant amount of money. Renters, conversely, must pay rent every month or face eviction – whether they are 25 years old or 85 years old.”
The study was called the 2023 Mercer Retirement Readiness Barometer, and it also explained why owning a home had an advantage.
“It also provides a level of flexibility to that person in retirement that a renter would not have. I want you to think about things like being able to sell the home and downsize, potentially being able to do reverse mortgages, rent out basements.”
Millennials have accumulated debt at the fastest rate ever since the 2008 financial crisis. It was also noted that 95% of millennials wanted to buy a home but feared that they couldn't afford it.
Millennials have taken over Baby Boomers as the top homebuyers of 2023. In 2022, millennials used to be the top homebuyers, and during that year, Baby Boomers only accounted for 29% of homebuyers.
The number of Gen Z homeowners also started to increase as this age group started to move out of their houses.
See flow at unusualwhales.com/flow.
Other News:
- Millennials have accumulated debt fastest they’ve ever accumulated debt since the 2008 financial crisis
- Millennials have been taken over by the Baby Boomers as the top homebuyers of 2023
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