The Providence Land Lease model proves affordable for people on a fixed income for more than 20 years.
When CPI figures for the March 2023 quarter revealed an annual increase of 5.8%, our team set out to find the answer to the question ‘Does the cost of living in a land lease community maintain the same level of affordability for people on a full or part pension over time?
A close look at the numbers reveals, as per the graph to the right, the pension increase was higher than the CPI increase for 19 of the last 23 years!
And, with Australia’s aging population having an ever-increasing influence at the polls, the media is predicting this trend is not about to change any time soon.
Perhaps this influence is also behind the recent surprise Federal Budget announcement of a 15% increase in rent assistance from September this year!
Thanks to the Providence land lease model, Centrelink pays this fortnightly rent rebate to Providence Resort Homeowners, making the cost of living in a Providence Lifestyle Resort even more affordable.
While most of our Resort Homeowners move in to enjoy the security, lifestyle, companionship, activities and quality of life on offer, it’s fantastic to know the choice is sustainable and comforting that the statistics demonstrate it works financially over the long term.
Another trend we’re seeing is that, due to higher interest rates, more downsizers are selling their family home and investing the cash they free up to create a secondary income which supports their wonderful way of life.
Information in this article is true and correct as of 15 June 2023.
