I've never seen the report, but it strikes me as plausible for demographic reasons. I'd assume that most people have their mortgage paid off by the time they reach 65, so I'd guess that the bulk of the one third are over 65.
Plus add all the people who inherited thier home...
Up to recent years the average mortgage term was 20 years so a couple buying at 25 yrs old would be mortgage free at 45. So a third is very understandable.
I was also just curious if when stats about "mortgage debt per capita" are bandied about are the heads counted those of (owner occupier) mortgage holders only or including mortgage free home owners? I guess it depends on who is talking and what their angle, if any, might be...?
agreed. the 'starter home' phenomenon is something concocted in the last couple of decades.
This is an odd emerging piece of "common knowledge", and I'd really love to know how true it is. I know that at least three generations of my family before me have traded up from house to house, with some renting but mostly through purchase. And since people's housing needs vary at different times according to family size, income, location and all sorts of odd other variables, it doesn't seem particularly unreasonable to me that people should trade up as their needs and means allow or dictate - I don't mean relying on ongoing capital appreciation ahead of normal inflation. The scorn heaped on "starter homes" baffles me when it's solely targetted at their being "starter homes" rather than entirely legitimate complaints about poor build quality / lousy size / bad design.agreed. the 'starter home' phenomenon is something concocted in the last couple of decades.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?