It's not a surprise that the high cost of housing squeezes the fixed income of an older adult. This is reality for many seniors and especially for members of my Facebook group.
The burning question, "How will you manage the expense of rent, maintaining a house, or paying for senior housing?
Older adults are more likely than younger adults to spend over 30 percent of their income on a home. Almost half of the poorest seniors (those earning less than 50 percent of the area median income) pay more than half of their income for housing. For every unit of Section 202 housing (Section 202 program helps expand the supply of affordable housing with supportive services for the elderly) that becomes available, ten seniors are waiting.
To remedy the housing problem, we're finding (hoping to find) creative solutions like tiny house villages, roommates, co-housing, and buying home together, almost like communal living. Another issue is can the home adapt to our needs as we age? Is it age friendly? These issues are mentioned in the video.
In the Elder Orphan Facebook group, Immersion Active Digital Marketing, designed a study to crack the housing code. Over 350 members participated and here are a few questions that were asked:
If you plan to move, tell us why:
What type of area do you live?
What type of housing would you prefer? (Top choices)
What are the top choices for living situations?
Stay tuned to more insight from the study.
Beyond the high costs of housing, seniors also face other challenges like accessible public transportation, social connections, isolation, identify a would be caregiver, selecting a health caregiver and dealing with loneliness.
Aging Alone Expert