Do your parents own their home? I’m curious about how common that is these days.
My parents are nearing 80 and have owned their home outright since the early 2000s. They’ve always preferred having just one home without any mortgage and never pursued investment properties or anything of the sort.
They both retired in their 60s and have been living off their superannuation withdrawals since then.
Interestingly, my parents were both born here, with roots that trace back to pre-settlement origins.
Edit: I’m wondering why my questions about ethnicity and nationality, as well as generational status, received downvotes.
It sounds like your parents have made some solid financial choices that have led to their current stability. Homeownership, especially outright ownership, can provide a lot of peace of mind in retirement. It’s certainly becoming more challenging for younger generations to achieve similar goals with rising housing costs and economic fluctuations.
As for the downvotes on your edit, people can sometimes be sensitive about questions regarding ethnicity and nationality, especially in the context of personal stories. It might be perceived as intrusive or unrelated to the main topic of homeownership. But it’s interesting to consider how cultural background can influence financial decisions and values. Thanks for sharing your parents’ story!