I should add that I am a Gen Y in a similar boat to the people in this article - I own a high yielding cheap apartment but rent a nice house I could not afford to buy in another area.
Doing the math I came to the conclusion you can always afford to rent some where better than you can buy. I do not worry about renting in retirement as when I am 60 my super will mean I can retire almost on my existing salary (putting a little extra away from my salary)- so the necessity to own your property for retirement no longer exists for younger people.
