75% of households own a home by retirement, and almost 3/4 of those don’t have a mortgage. That’s according to a Statistics Canada study issued on Monday.
StatCan says, “The economic benefit of owning a home is equivalent to the rent that does not have to be paid.” And that benefit is significant because, as StatCan notes, net incomes decline by about 45% between a household’s peak earning years and the 70-plus retirement-age class.
Not surprisingly, that makes mortgage-free home ownership a vital contributor to most senior citizens’ effective household incomes.
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