Seniors finding home ownership unaffordable

Housing prices in the United States have fallen for the last five years, with some cities suffering as much as a 50 per cent decline in the average cost of homes. With those kinds of numbers, it may be surprising that for millions of Baby Boomers and retirement living seniors, despite the falling home prices, housing is still expensive, and for many, even unaffordable.

According to a recent article in the Seattle Post-Intelligencer, a recent study from AARP reports that more seniors are finding the costs of housing are cumbersome, and is stretching their budgets.

“While just a decade ago Americans were more likely to own their homes and cover their rent, today many are faced with the harsh reality that they cannot afford to live their lives the way they choose,” Susan Reinhard of the AARP told the news source.

She said more American seniors are having difficulty paying their mortgage, and fewer seniors own their homes outright.

The report also shows that fewer American seniors are married than before, and more people are living alone, as well as that Americans over the age of 50 are more likely to live in older houses than they were in the past.