Hot Housing Markets Pinch Seniors #homeownership #realestate

Source:  Wall St. Journal

More than 6.1 million people age 65 and older rented their primary residences in 2014, up 29 percent from 2001, according to Harvard University's Joint Center for Housing Studies.  But with high housing costs and rents increasing, many seniors are facing the financial challenge of affording rent, especially on a fixed income.  Seniors have become susceptible to rent increases, particularly in high-demand areas.  Many seniors who lost homes in the housing crash will be renting for the rest of their lives, because they have less time than younger households to recover financially.  Of all renters, those age 75 and older have the greatest incidence of "severe" cost burdens, meaning more than half of their incomes go to rent, according to Harvard research.

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