Rise in over-50s renters
The number of people over 50 living in rented accommodation has been on the rise over the last five years, according to new analysis from Saga Home Insurance.
It said that a third of people aged 50 and over now live in rented accommodation, up from just over a quarter (26%) in 2011.
The surge in older people renting is often down to a change in family circumstances, such as the fact that more over-50s are getting divorced than ever before. Saga suggested that this may account for the fact that 20% of renters over 50 are single as they try to get back on the housing ladder second time around.
The (not so) Young Ones
There has been an increase in the number of people under 70 who are renting, with the biggest rise among those aged 50-54.
People over 50 living in rented accommodation have around £20,000 worth of contents in their homes, but 59% of them do not have home insurance, according to Saga, leaving them potentially facing big bills, should anything happen within their home.
Roger Ramsden, chief executive, Saga Services explained: “Social changes certainly seem to be having an impact on the homes of the over 50s. It is concerning that so many do not have insurance for their belongings. The landlord has responsibility for repairing the building should anything happen, but they are not responsible for replacing valued possessions should they for example be damaged by fire or even a significant water leak.”