Additional Coverage:
- Baby boomer homeowners fear losing their properties as they spend down their savings (newsbreak.com)
Homeownership No Longer a Guarantee of Retirement Security for Seniors
For many older Americans, owning a home no longer provides the financial stability it once did. Rising housing costs, inflation, and an aging population are contributing to a surge in housing insecurity among seniors.
Homeowners like Valerie Miller and Barbara Willing are struggling to cover mortgage payments, property taxes, and repairs. With limited retirement savings and fixed incomes, they fear losing their homes.
Homelessness Among Seniors on the Rise
The number of homeless seniors has skyrocketed in recent decades. According to a recent government count, older adults now make up half of all single homeless individuals.
This increase is partly due to demographic shifts, with the baby boomer generation entering retirement age. However, rising housing costs are also a major factor. Seniors spend a significant portion of their income on housing, leaving them vulnerable to displacement.
Aging Population Faces Challenges
Older Americans are facing unique challenges. Many have limited or no retirement savings, and they are more likely to experience health issues that make it difficult to maintain employment.
Nonprofit organizations like LiveOn NY are working to address these issues. However, experts warn that the number of seniors struggling with housing insecurity is likely to grow as the population ages.