The number of middle-aged households privately renting has nearly doubled in the space of a decade, with many expected to remain in rented homes for the long-term, Paragon Bank analysis of Government data has revealed. 

The number of households in England where the lead reference person is aged between 45 and 64 has increased from 691,000 in 2011 to 1.18m in 2021, a 70% increase. 

This age group experienced the greatest growth in the number of households in the private rented sector (PRS) over the period. The number of households aged 65+ privately renting increased by 38%, with those aged between 34 and 44 increasing by 21%. The 16–34-year-old group increased by just 3%. 

A Paragon survey of over 2,000 tenants showed that whilst the desire to own a home is high amongst the 45-64 age group, the ability to buy is inhibited. Nearly half of this age group (47%) has a desire to buy their own home, yet only 19% are actively saving towards buying a property. 

Of the 19% actively saving to purchase a home, 25% have their finances in place and are searching, with 4% in the process of purchasing. However, the remainder (71%) are still in the savings phase.