Metro-based retirees affected by housing affordability

The latest Milliman Retirement Expectations and Spending Profiles report found that those retires who rent privately in Sydney saw their annual cost of living two-thirds higher in order to enjoy the same life quality as homeowners. Due to the housing affordability crisis, the home ownership which was traditionally seen as key to avoiding poverty in old age, would now also impact the retirees and lead to a situation where Australians would continue to pay off their homes well into retirement.