> Business, Economy, home buyers, News Item, People, Trends > 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)
Categories: Business, Economy, home buyers, News Item, People, Trends 1 million, Baby Boomers, financial burden, fixed incomes, Harvard University, home construction, housing costs, housing studies, owner occupants, recession, Seniors, single family, supportive serviceskiribati vernal equinox mr rogers jamie lee curtis spring equinox audacious pollen count
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