Boomers
and Elders Housing Report: More Americans
Age 50+ find Housing unaffordable
October 5, 2011-- AARP’s Public Policy
Institute has released a new report that
provides a nationwide snapshot of the
changing housing landscape for boomers and
elders.
“The AARP State Housing Profiles” and its
brief summary “Housing for Older Adults: The
Impacts of the Recession” updates and
expands on a 2007 report on housing for
Americans 50+ with detailed findings parsed
out state-by-state.
Conditions have changed greatly for older
households during the last decade. Housing
has become less affordable for many older
adults who currently devote an unsustainable
amount of their budget to paying rent or for
their home.
“The American dream is getting harder
for many older Americans to sustain,”
said Susan Reinhard, Senior Vice
President for Public Policy at AARP.
“While just a decade ago Americans were
more likely to own their homes and cover
their rent, today many are faced with
the harsh reality that they cannot
afford to live their lives the way they
choose.”
Key findings in the report include:
-
More older Americans are facing an
increasing “housing cost-burden,” with
more than 30% of their income devoted to
housing costs
-
Fewer Americans 50+ own their homes free
and clear and more are still paying
mortgages
-
50+ households are less likely to be
married and living with a spouse than in
the past
-
More men 50+ are living alone, while
fewer women 50+ are living alone
-
People age 50+ are more likely to live
in older homes than in the past
“The AARP State Housing Profiles” draws on
several sources including the Census
Bureau’s 2009 American Community survey.
The nationwide snapshot
report is available online here:
http://assets.aarp.org/rgcenter/ppi/liv-com/insight53.pdf.
The full edition of the report includes
state-by-state housing profiles, which is
available online here:
http://www.aarp.org/home-garden/housing/info-09-2011/state-hp-2011.html.
