When Peggy Locke bought her 804-square-foot home in Denver’s Westwood neighborhood about 10 years ago, the monthly mortgage–including the loan payment, property taxes and homeowner’s insurance–was around $500. That amount “was perfectly doable,” said Locke, a 77-year-old retired registered nurse living on Social Security benefits, plus a small pension from a former employer.
However, as property taxes and the cost of homeowner’s insurance climbed, the monthly payments for the 2-bedroom, 1-bath house shot up. Now, Locke owes about $900 a month, a nearly 80% increase. In the same time period, the average Social Security benefit grew just 52%, according to Social Security Administration data.
Because of the elevated costs, “I just feel like I’m in college, pinching pennies,” said Locke. Recently, she’s had to cut back on fresh groceries and instead turns to canned goods or older items dug from the depths of her freezer for meals…