The housing market is ‘failure of older adults’, says Urban Institute
“In the past two decades, the number of senior households that are considered serious costs, which issue more than half of their income in housing, has almost doubled, risen from 5.2 million to nearly 11.7 million,” explained the report, with reference to survey information US Census Bureau.
The share of costs in costs under the leadership of older adults has also increased, the report noted. In 2000, 11.5% of the older households reported with charges of home costs. By 2016, this figure had risen to more than 16%.
Although the house prices, mortgages and other costs are drivers of this burden, they are not alone. Nut and maintenance costs also take into account the comparison, as well as real estate tax and homeowners insurance. The last two elements have seen stunning price increases in recent years that result from things like vacancies for commercial construction and an acceleration of natural disasters.
“Some demographic groups are hit more than others,” the report explained. “Rental households are more likely than owners to be taxed at all ages.
Although younger people generally have more flexibility to regulate their expenses in response to an economic shock, the elderly – especially those aged 75 and older – do not have the same flexibility. This may be due to the necessary expenditure for health care or housing payments, in particular for older tenants.
But there are possible ways that are worth exploring to provide relief in specific situations, according to the report. These include postponement programs for real estate tax for homeowners; Medicaid exemptions issued by the State that can be applied to housing; subsidized insurance costs for households with low and middle income; More financing for section 8 vouchers; and an extension of the number of subsidized affordable homes.
Older Americans also have to fight to live in a house that may not be accessible to their needs as they get older. And they are also pinched by a lack of offer that can make moving at its best or unrealistic in the worst case, the report explains.
