Research Report Housing Costs and Financial Challenges for Low-Income Older Adults
Richard W. Johnson
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Although the average income of older Americans has grown rapidly over recent decades, 6.5 million adults ages 65 and older—14 percent of the older population—do not have enough income to meet their needs. Older African Americans, Hispanics, people who did not complete high school, people with disabilities, and unmarried adults are especially likely to experience financial hardship. Older low-income adults receive most of their income from Social Security and devote much of it to housing even when they own their home free and clear, because utilities, home maintenance and repairs, insurance, and property taxes are often expensive.
Research Areas Wealth and financial well-being Aging and retirement Social safety net Race and equity
Tags Economic well-being Poverty Employment and income data Racial and ethnic disparities Retirement Social Security Retirement policy Racial barriers to accessing the safety net Racial inequities in employment
Policy Centers Income and Benefits Policy Center