The article highlights a troubling trend over the past 20 years, where senior households facing housing cost burdens have nearly doubled, reaching 11.7 million. Factors like rising home prices, utility costs, and increased property taxes contribute to this burden. Older seniors, particularly those aged 75 and above, face significant challenges due to less flexibility in managing expenses. The report suggests various potential solutions, including tax deferrals, Medicaid waivers, and funding for subsidized housing to alleviate the financial pressures affecting older adults in the housing market.
Over the past two decades, the number of senior households considered severely cost burdened has nearly doubled, rising from 5.2 million to nearly 11.7 million.
By 2016, the share of older households facing housing cost burdens increased to more than 16%, significantly impacting their financial stability.
Rising insurance premiums and a lack of flexibility in spending for older seniors, especially those 75 and older, make it harder for them to manage costs.
Potential relief avenues highlighted include property tax deferral programs, state-issued Medicaid waivers for housing, and expanding subsidized affordable housing options.
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