Aug 30, 2012 0
According to Census Bureau figures, there will be approximately 10,000 people turning 65 every day until nearly 2030. And, with the number of senior citizens rising rapidly, so will the number of cost-burdened senior households. According to the most recent American Community Survey, 42 million households pay more than 30 percent of their income for housing and 20.2 million pay more than half. Unfortunately, older Americans are especially vulnerable to these financial struggles. In fact, the number of older households with severe housing cost burdens jumped by one million between the years 2001 and 2010. Adding to the likelihood of a continued spike in burdened senior households, the recent recession led to a $14.3 trillion drop in net household wealth at the same time the number of older homeowners with mortgages has been increasing. From 1999 to 2009, the share of homeowners over the age of 65 with mortgages increased 11 percent. More here and here.