What Will happen when Generation Rent Retire?

James20221 · 14-05-2022 3:29pm #1

Since renting is only becoming more common due to prices and its clear people are not going to leave Dublin for rural areas, what do you think will happen in 30 years time when we have possibly half a million retired renters with no way of paying rents. Will single old people be living in some elderly hostels and multi generational households for those who marry?

14-05-2022 3:35pm

Soylent Green.

James20221 · 14-05-2022 3:36pm

https://www.boards.ie/discussion/comment/119060863#Comment_119060863

Im genuinely fearful of that. Im only 31 but already the fear of never being able to buy due to Dublin prices and being on the streets at 70 is keeping me up at night

elperello · 14-05-2022 4:06pm

https://www.boards.ie/discussion/comment/119060869#Comment_119060869

Retirement villages may become popular.

sam t smith · 14-05-2022 4:08pm

Tent cities.

James20221 · 14-05-2022 4:09pm

https://www.boards.ie/discussion/comment/119060969#Comment_119060969

how does someone who is single and rented all their life pay for that? Like to avoid massive elder homelessness the state is going to have to pay the rent of hundreds of thousands of people in 30 years

elperello · 14-05-2022 4:18pm

https://www.boards.ie/discussion/comment/119060974#Comment_119060974

We are just discussing this in general and nobody knows what will happen in the future so we are just speculating.

Perhaps there will be some sort of subsidy in retirement villages and people will move to them freeing up their apartments for the next generation.

oceanman · 14-05-2022 4:30pm

https://www.boards.ie/discussion/comment/119060869#Comment_119060869

you are way to young to be worrying about stuff like that....you should be worrying about where the next party is going to be or where you are going for your holidays.

breezy1985 · 14-05-2022 4:31pm

Soylent Green

Edit: damn got in too late

https://www.boards.ie/discussion/comment/119060863#Comment_119060863

Allinall · 14-05-2022 4:37pm

There’s a novel idea called saving for retirement.

You should try it, OP

James20221 · 14-05-2022 4:38pm

https://www.boards.ie/discussion/comment/119061090#Comment_119061090

Rent of 1400 a month. How does one save for that while paying that?

Esse85 · 14-05-2022 4:48pm

https://www.boards.ie/discussion/comment/119060869#Comment_119060869

You could consider looking outside of Dublin and exploring options that are more affordable to you.

James20221 · 14-05-2022 4:51pm

https://www.boards.ie/discussion/comment/119061139#Comment_119061139

People wont leave Dublin, except through leaving Ireland. Ireland has no other major cities and the ones we have are as expensive

Brucie Bonus · 14-05-2022 4:54pm

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

If FG remain at the helm it will be a box room with a shared kitchen and bathroom, built by dodgy FF cronies with FG TD's having shares in the company owned by Denis O'Brien jnr. who got the contract to build them all.

Brucie Bonus · 14-05-2022 4:55pm

https://www.boards.ie/discussion/comment/119061090#Comment_119061090

If you can't afford rent now, what are you saving?

Allinall · 14-05-2022 5:02pm

https://www.boards.ie/discussion/comment/119061186#Comment_119061186

If you can’t afford rent now, where are you living?

James20221 · 14-05-2022 5:06pm

https://www.boards.ie/discussion/comment/119061208#Comment_119061208

Currently in the folks house. I can afford rent. But it would be 50% of my income to live alone and I refuse to house share over 30.

My max mortgage is 140,000 so even saving at home for years I couldnt buy in Dublin so renting is the only option really

14-05-2022 5:09pm

https://www.boards.ie/discussion/comment/119060972#Comment_119060972

Posh Fe1cer

Feisar · 14-05-2022 5:12pm

https://www.boards.ie/discussion/comment/119061222#Comment_119061222

Live at home with parents but refuse to house share? LOL.

James20221 · 14-05-2022 5:13pm

https://www.boards.ie/discussion/comment/119061250#Comment_119061250

Yeah Id rather live rent free with family than with randomers for 900 a month. Weird that. Both are **** situation but one costs 900 more

Feisar · 14-05-2022 5:14pm

https://www.boards.ie/discussion/comment/119061254#Comment_119061254

Fair point.

breezy1985 · 14-05-2022 5:29pm

https://www.boards.ie/discussion/comment/119061234#Comment_119061234

https://youtu.be/ue7wM0QC5LE

some people don't know how lucky they are

eggy81 · 14-05-2022 5:32pm

Just party as hard as possible that you won’t reach 70. Problem solved.

Kermit.de.frog · 14-05-2022 5:35pm

You'd think people were forced to rent.

They aren't.

It's still just as possible as it ever was to do well for yourself, have a steady advancing career, and be in a position to get a mortgage in your late 20's.

That hasn't changed. It's never been easy. That's a total myth.

What we have is just more people making the wrong life choices e.g taking worthless degrees thinking they are too good to work a trade, not knowing what career to pursue at the right age for example...a multitude of reasons.

The result is they have no credit history and their incomes are just too low and that's mostly on how they themselves got to that situation.

I see sob stories about people living at home in their 30's.

if that's you you can blame society, rent whatever.

It may be harsh but in my view the real blame lies with your own choices to get to that point.

You're not owed a mortgage. Never have been.

thomil · 14-05-2022 5:38pm

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

You expect us to retire? Forget it, my generation will be stuck in an ever-longer cycle of work to pay the pensions of an ever smaller but ever more demanding group of B*****rds until dying from stress-related heart attacks way before any purported retirement date comes due. And the generations behind me will share the same fate.

That is, if we're not killed as a species by another pandemic, a mass-extinction event or some dingbat in the Kremlin or the White House giving the launch order. Great job, preceding generations! Always wanted to be a human piggybank!

Brucie Bonus · 14-05-2022 5:41pm

https://www.boards.ie/discussion/comment/119061208#Comment_119061208

Some people are at home with their parents or getting rent subsidies.

James20221 · 14-05-2022 5:46pm

https://www.boards.ie/discussion/comment/119061346#Comment_119061346

Then why is home ownership collapsing?

People are forced to rent, since we dont have social housing options

In the past people working on a checkout could buy a house in Dublin 12 (my uncle did in 1988)

In the past those who could not buy got social housing. Mass insecure renting, and middle class renters, are totally new. Like since 2008 new

14-05-2022 5:56pm

https://www.boards.ie/discussion/comment/119061222#Comment_119061222

Er em you are house sharing with yoir parents. My work was short term contracts all over the country. I house shared until i was nearly 40.

Maybe your parents should refuse to have an adult child in their home. Time to stand on your own 2 feet and all that

Sleeper12 · 14-05-2022 5:58pm

https://www.boards.ie/discussion/2058245863/what-will-happen-when-generation-rent-retire

We'll do what other countries have done over the decades. We will encourage young foreign nationals to emigrate here to support generation rent.

OAPs will get rent subsidises. There is a tipping point now where if you don't have a large pension then you will be better off on a low pension & get rent allowance. Obviously anyone on a good pension won't get rent allowance.

James20221 · 14-05-2022 6:00pm

https://www.boards.ie/discussion/comment/119061439#Comment_119061439

I moved out at 22, lived in London and came back during covid as I expected Irish house prices to collapse. Im trying to save for a deposit but being single on 40,000 makes that impossible to do in Dublin.

14-05-2022 6:01pm

https://www.boards.ie/discussion/comment/119061455#Comment_119061455

You don't have to live in Dublin... People leave Dublin, it's a pretty wild idea I know. Plus your quality of living can drastically improve by doing so. Shocking revelation, I know.

James20221 · 14-05-2022 6:02pm

Boards seems to lean very right wing and also seems to be an older generation. Reddit is full of young angry Irish people rightfully calling for revolt over us being locked out of housing

James20221 · 14-05-2022 6:03pm

https://www.boards.ie/discussion/comment/119061464#Comment_119061464

And live where? Somewhere 90 mins each way from work like Navan? No thanks

eggy81 · 14-05-2022 6:04pm

https://www.boards.ie/discussion/comment/119061466#Comment_119061466

If anything it’s the opposite imo.

Bobtheman · 14-05-2022 6:07pm

There will be better pension and housing provision. Eventually

14-05-2022 6:07pm

https://www.boards.ie/discussion/comment/119061455#Comment_119061455

Living at home and on 40 k a year and cannot save. You could live confortably on 20 k a year and could make it work in a house share on 20 k a year. I didnt buy my home until i was 36, good 16 years(9 married) and massive savings. Wtf are you spending your money on?. A new apple product evey month with a cruise every 6 months? 6 euro costa or starbucks twice daily with 2 nights out weekly with pints taxis and nightclubs?

I have the sneaking feeling will have to pay a new usc next year to fund all ye feckless idiots

14-05-2022 6:07pm

https://www.boards.ie/discussion/comment/119061476#Comment_119061476

Cork has a fair few commuter towns. Fair few rail links to them too. Fyi, I know people who were sharing well into their forties with high salaries in Dublin... You seem to feel entitled to live in Dublin when plenty of people from all backgrounds have left it due to the high cost living.

Now, you'll start another half dozen threads before creating next account?

James20221 · 14-05-2022 6:12pm

https://www.boards.ie/discussion/comment/119061489#Comment_119061489

I rented in London for 8 years, I am saving now but have zero chance of affording Dublin even with years of saving.

We are not feckless idiots, we are a generation locked out

James20221 · 14-05-2022 6:13pm

https://www.boards.ie/discussion/comment/119061490#Comment_119061490

Im from Dublin, I work in Dublin. Working in the city makes one entitled to live securely in it. And if the market cannot provide that the state should, as it always did

Fann Linn · 14-05-2022 6:16pm

Latest govt figures say 40 social affordable homes will be built in Kildare and Wicklow per annum by 5 years = 200 homes per county. Same number for Co. Carlow is 8 per year or 40 over 5 years.

Present govt really don't give a fcuk how the OP is going to fare out in 30/40 years.

If I was the OP i'd be looking abroad or hoping there's another dramatic crash here with the economy, which in fairness does look quite possible the way current events are going.

Esse85 · 14-05-2022 6:39pm

Have you considered upskilling and adding more value to society?

The fact your in your 30s and on 40k suggests you didn't make good choices regarding your future to date.

Are you going to continue to feel sorry for yourself and blame society or will you take control of your life and your future?

James20221 · 14-05-2022 6:44pm

https://www.boards.ie/discussion/comment/119061648#Comment_119061648

Most people in Ireland earn 40k or less. Nurses, gardai, teachers, most professions earn in the region of 40k in their early 30s. Its a myth by tech types or middle aged builders with property empires bought on easy credit, that the median salary is massive in this country.

Esse85 · 14-05-2022 7:26pm

https://www.boards.ie/discussion/comment/119061679#Comment_119061679

Where did you get those stats from? They seem inaccurate.

James20221 · 14-05-2022 7:30pm

https://www.boards.ie/discussion/comment/119061928#Comment_119061928

From friends who work as gardai and nurses, pay scales are also freely available online. Also it was in the Sunday Business Post last week that 60% of individuals have an income under 40,000. The median income, which is the point 50% of people earn less than, CSO - the median of annual earnings in 2018 was €36,095.

What it seems to me happens is people earning in the top 10% (which is also earning over 75,000) dont feel rich due to the cost of living etc and so assume they are average