NEW research shows retirement living is becoming a more affordable option, due to soaring house prices and rents, while freeing up much needed housing for the wider community.
StewartBrown’s latest Retirement Living Performance Survey Report shows the median entry costs for a two-bedroom retirement living unit is equivalent to just 53 per cent of the median house price in the surrounding suburb, rising to 66 per cent for three-bedroom units.
The lower entry cost allows retirees to stay in the same community, close to family and friends, while freeing up equity from their homes to boost savings and reduce financial stress.
Ageing Australia CEO Tom Symondson said the results add to findings from last year’s Catalyst Research Report showing people in retirement living consistently report higher rates of happiness and wellbeing than all older Australians.
According to the report, those in a Retirement Community scored significantly higher on the Catalyst Wellness Index (77.5) compared with the average for all older Australians (71.3).
“As property prices rise, more older people are realising that retirement communities aren’t just convenient they’re a smart, positive financial choice for living well later in life,” Mr Symondson said.
“More than downsizing it’s about upgrading to a lifestyle that offers freedom, community and long-term affordability,” he said.
“It also frees up much needed housing for the growing families of the future.”
