Housing Costs to Grow for Seniors on Fixed Incomes

leadingage says while the Joint Center for Housing Studies at Harvard University predicts the housing recovery will be led by single-family home construction, the center also foresees the financial burden that will accompany the growing number of seniors who will need assisted housing and supportive services. The number of cost-burdened older homeowners rose by a third between 2001 and 2010, from 3.1 million to 4.1 million, a percentage that is expected to increase over the next 20 years as the baby boomers age. Due to the recession, 1.9% of owner occupants aged 65-74 in 2011 had changed residences during the prior year, a drop from the 3.3% rate in 2007. MHProNews has leaned nearly one-fifth of older homeowners are thought to be cost-burdened by their homes, paying more than half their income for the homes, which makes refinancing a more difficult challenge.

(photo credit: HUD Government)

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