Housing Costs Increase for Seniors
The AARP released an analysis of the 2011 Census Bureau data involving middleincome homeowners age 50 and older. The results indicate that fewer members of the baby boomer generation are paying off their homes and retiring. Instead, many of them are saddled with increasing housing costs and dwindling incomes. Older, middle income families spent 30% or more of their income on housing up 20% from 2000 and 36% own their homes free and clear down from 40% in the past decade. On the flip side senior home equity rose in the 3rd quarter of last year to $74 Billion, the highest since the end of 2005 according to US News and World Report. Home Values among older owners also rose as did the pace of migration among seniors.
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SUSAN DRAWDY, Your Reverse Mortgage Expert
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