A social services group is warning the decline in home ownership will have a big effect on future generations of the elderly.
Official figures show almost 80 percent of people aged over 60 own their own home but that drops to about 60 percent for people aged between 40 and 49.
Council of Christian Services executive officer Trevor McGlinchey said if the rate of home ownership continued to fall, there would be more vulnerable elderly people.
"Owning your own home provides a real buffer and it provides some additional resilience.
"So home maintenance, rates and insurance are usually less expensive than rent, and so when you go into a renting environment, you're obviously much more open to the vagaries of that environment."
Most elderly people relied on Superannuation to pay the bills, Mr McGlinchey said.
