Renters more likely to experience financial distress, loneliness: StatCan
· 20.02.2024 · 01:20:20 ··· ··· Tuesday ·· 2 (2)
Global News Canada’s housing crisis affects all Canadians, but a new Statistics Canada report says renters may be facing more financial strain than homeowners. According to the report, people living in rental housing are more likely than homeowners to see a lower quality of life, more financial distress and higher levels of loneliness.
The report, based on data collected in 2021 and 2022, says renters were 15 percentage points more likely than homeowners to report difficulty meeting financial needs due to the high cost of shelter. They also reported 11 per cent less likelihood to report high overall life satisfaction, more loneliness and a lower likelihood to feel a sense of belonging in their community.
Canadians aged 55 and over are more likely to own their home than younger Canadians. Young homeowners are also less likely to have paid off their mortgage, which makes them vulnerable to interest rate increases.
Global’s Uday Rana has more.
For more info, please go to https://globalnews.ca/news/10303645/renters-financial-distress-mental-health-statcan-report/
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