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Long term renters

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  • 15-01-2019 12:23am
    #1
    Johnnyhpipe
    Closed Accounts Posts: 748 ✭✭✭


    Hi,

    Obviously not everyone can (or wants to) buy at the moment. I’m curious to know what is the plan for long term renters at retirement age though?

    By then, if you own a place, the bank will have calculated your mortgage so that its paid by the time you retire. How do you keep paying €1.5k per month on a 2 bed in citywest when your income is slashed? Are we going to end up with this as a national problem in 30 years time?


Comments

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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Johnnyhpipe wrote: »
    Are we going to end up with this as a national problem in 30 years time?

    In my opinion, yes.

    Ageing population
    Longer life expectancy
    Lower levels of home ownerships
    Unsustainable pensions

    It's a timebomb that's been ticking for a while. I don't expect it will take 30 years for it to go off.


  • Options
    #3
    Assetbacked
    Closed Accounts Posts: 2,969 ✭✭✭Assetbacked


    Graham wrote: »
    In my opinion, yes.

    Ageing population
    Longer life expectancy
    Lower levels of home ownerships
    Unsustainable pensions

    It's a timebomb that's been ticking for a while. I don't expect it will take 30 years for it to go off.

    In twenty years we will have a large group approaching retirement age with no protection in retirement meaning there will be a huge burden on the State. And the generations behind them will be the same.
    Emergency measures to build a tonne of properties in the employment hubs desperately need to be introduced now.


  • Options
    #4
    retalivity
    Registered Users Posts: 13,997 ✭✭✭✭retalivity


    Retirement age will steadily increase.
    Some kind of state sponsored senior living centres will be brought in, similar to the homeless hubs today.
    People will work til they die.


  • Options
    #5
    Ray Palmer
    Registered Users Posts: 8,351 ✭✭✭Ray Palmer


    Retired people renting will have to move away from where they once lived and worked. There is no way the councils will be able to afford to house them. I laugh when people say prices can't keep going up because they certainly can. Given the tax breaks for large property renters they can keep buying.

    Look at any city they expands and property is priced away from people but it doesn't stop the property being bought and sold. It just happens they are being traded by companies and the wealthy. That is because they can make money doing it. The idea that some person on a low wage should be able to buy it or afford the rent is a dream and unfair at that. Look at council houses bought by residents in London. They buy and sell immediately because they get a huge windfall and can stop working. Social housing should never be sold.

    New thinking is needed. Converting housing stock for OAPs is what we need to do. Large areas around Dublin are full of OAPs who aren't travelling to work yet close to employment while the working population is commuting long hours. It is madness and the country is paying fines for emissions as a result. We are actually subsidising long commutes.


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    #6
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Assetbacked wrote: »
    In twenty years we will have a large group approaching retirement age with no protection in retirement meaning there will be a huge burden on the State. And the generations behind them will be the same.
    Emergency measures to build a tonne of properties in the employment hubs desperately need to be introduced now.


    Dont forget the small time landlords who are trying to avoid this scenario and get a little extra in retirement are been crusified by the government. The logic is mad that they want people to to prepare for retirement but when they do the tax Hammer and a list of other laws are drawn up to drive landlords out of business.


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