Generation rent could lead to benefits 'explosion' By 2009, the proportion who owned their home had fallen below 30 per cent, with almost half renting privately. Based on current population projections, by 2060 about 60 per cent of pensioners would be owner-occupiers, the report predicts, down from almost three quarters at the turn of the current century. That would mean almost 3.5 million pensioners claiming housing benefit, up from just under 1.5 million today, it suggests. That would add the equivalent of £8 billion to the housing benefits bill from retired people - up from £5.3 billion now. "In debate on "generation rent," what everyone forgets is that most pensioners who rent rely on state support," said James Lloyd, director of the Strategic Society Centre. So, in future, when there will be far more pensioners than today, if more pensioners are renting, the cost of housing benefit to the state is going to explode. Kay Boycott, campaigns director at the housing charity Shelter, said: "This report shows the frightening consequences of soaring housing costs. Renting is fast becoming a way of life for British families, as the rising cost of private rents means that many find it impossible to save enough to get on the property ladder.