The rising cost of housing continues to add to the challenge of affordable housing for seniors. The Joint Center for Housing Studies of Harvard University conducted a study that found 20 million adults over the age of 50 spend more than 30% of their income to pay for housing. For 9.6 million of those adults, their housing costs were more than 50% of their income. While 3.9 million low-income older renters were eligible for assistance for housing in 2011, only 1.4 million received housing assistance due to lack of funding.
Issues Related to Lack of Affordable Housing
Older Americans have found themselves having to skimp on necessities just to pay their rent or mortgage. This means going without adequate food and proper medical care. The study found that low-income adults spend 40% less on food than older adults who live in affordable housing. Additionally, available housing is often located in areas where amenities are only accessible by car. There’s the issue of available housing not being geared to the safety needs of older adults, which leads to increased injuries and medical costs.
Solving this Housing Problem
While many seniors currently live in expensive or inadequate housing, with FSL, this does not have to be the case. Proper planning, education, and resources, provided by FSL mean today’s baby boomers have better options for affordable housing as they age.