Programs & Services
Older People And
Whether people 50+ own or rent, the repercussions from the recession are severe - abandoned neighborhoods, rent increases and a decrease in affordable, subsidized housing. Millions of homeowners can neither sell their homes nor receive approval to refinance their mortgages at today’s much lower interest rates.
- 13 million adults 50+ live in unaffordable or unsafe housing
- Nearly 25% of household mortgages are underwater - meaning the mortgage is larger than the current value of the house.
- Foreclosures have been at record levels.
(Senior Housing News, April 1) - A Social Security Administration report indicates that housing expenses lead all others among those 50+, and that both the poorest and those at the lower end of the age spectrum are hit the hardest. Read
(WCBS-TV, March 26) - Across the country, more than 100 developments feature small homes clustered around communal buildings, in some cases including communal kitchens; establishing ground rules for shared space is key. Read
(NYT, Feb. 5) - A recent survey found, surprisingly, that 47 percent of workers between 50 and 70 plan to rely on the equity in their homes to finance their retirement despite the widespread loss in home values. They may have no other choice. Read