A significant portion of older American households is facing housing challenges in 2023, with around a third of those aged 65 and older spending over 30% of their income on housing. This financial strain is exacerbating as more individuals enter their 80s, where incomes typically decline due to loss of partners and reliance on a single income. The situation is critical, as more than half of cost-burdened older households are experiencing severe burdens, needing over 50% of their income for housing. The growing population of older adults indicates an increasing demand for accessible housing and services.
About a third of 65-and-older households were cost-burdened in 2023, meaning they spent more than 30% of their income on housing.
Household incomes tend to decline as people enter their 80s, significantly affecting their ability to manage housing expenses.
More than half of cost-burdened older households were severely cost-burdened, spending over 50% of their income on housing.
The share of older adults 65-plus is going to tilt older, and a higher share will certainly face cost burdens.
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