Older Homeowners expected to Increase

According to a recent MReport, the share of older homeowners is expected to increase. The report stated that by 2038, there will be roughly 17 million homeowners in their 80’s or older. According to Harvard’s Joint Center for Housing Studies, that is more than double than recorded in 2018. The report stated that older homeowners will make up 12% of the share of all U.S. households by 2038. The share of homes owned by someone in the age group of 65 or older that is married is 37%. Single homeowners in this category make up 42%. Homeowners that are over the age of 80 is roughly 58%. The report also stated that the majority of older single-person homes are female. Older single females represent 74% of households over the age of 80. Harvard believes this trend will continue until 2038.

In addition, single homeowners 80 years of age or older are more likely to pay for in-home assistance, and their average income is around $22,000. Harvard reported, “Lower incomes make it more difficult to afford housing, and single-person households are indeed more likely to face housing cost burdens (paying more than 30% of one’s income on housing) than those in other living situations.” The report concluded that single homeowners over the age of 80 are twice as likely to struggle financially when compared to married couples. 48% of single homeowners are cost-burdened, whereas 22% of couples are cost-burned. The report also stated that single homeowners 80 years of age or older are more likely to rent their homes than married ]couples.

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