The failure to resolve the housing crisis will have catastrophic consequences for entire generations of young people
Ireland’s housing crisis is creating a poverty time bomb due to the soaring numbers of people who will be forced to continue to pay rent long after they retire, according to Social Democrats Housing Spokesperson Cian O’Callaghan.
Deputy O’Callaghan was responding to an ESRI study which found the proportion of older people living in poverty could rise from 14pc to 31pc due to a collapse in home ownership rates.
“The figures in today’s report are extremely stark. The number of 25 to 34-year-olds who own their own home more than halved between 2004 and 2019, falling from 60pc to just 27pc.
“Historically low levels of homeownership are creating a poverty time bomb due the soaring numbers of people who will be forced to continue to pay rent long after they retire. The ESRI has estimated that the proportion of older people living in poverty will reach a staggering 31pc.
“This is a nightmare scenario – which will inevitably become a grim reality unless the government takes serious action to tackle the housing crisis. Regretfully, there is no indication that it is doing so.
“This government, and successive previous Fine Gael-led governments, have continually promised to boost home ownership rates. Instead, under their watch, the situation is getting progressively worse.
“This failure to resolve the housing crisis will have catastrophic consequences for entire generations of young people, who are now looking towards an uncertain and insecure future of housing insecurity and poverty.
6 July, 2022
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