Report: Fewer seniors are living in poverty, but housing costs are surging

Share this article:
While older Americans are in better financial shape than previous generations, soaring housing prices could compromise these gains, a federal report suggests.

The proportion of seniors with incomes below the poverty threshold fell from 15% in 1974 to 9% in 2010 for seniors 65 and older, according to the report “Older Americans 2012: Key Indicators of Well-Being,” which was published by the Federal Interagency Forum on Aging Related Statistics.

While the report also reveals that reliance on housing options such as assisted living and continuing care retirement communities is increasing, the cost burden of these settings is growing.

“In 1985, about 30% of households with householders or spouses age 65 and over spent more than 30 percent of their income on housing and utilities,” the report states. “By 2009, the proportion of older people with high housing cost burden reached 40%.”

On the positive side, the data also found that seniors with functional limitations have fallen over time. In 1992, 49% of those age 65 and older reported limitations with at least one activity of daily living. In 2009, that number was down to 41%.

Click here to read the full report.

Share this article:

More in News

'Minor' issues at the nursing home can cause disastrous care transitions, expert warns

'Minor' issues at the nursing home can cause ...

What may appear to be minor administrative problems in a nursing home - a fax machine locked away at night or no one designated to copy paperwork - can cause ...

Long-term care facilities approach 80% worker flu vaccination rate after handing power ...

Fourteen long-term care facilities in Pennsylvania dramatically increased their staff flu vaccination rate by having a regional pharmacy take over the process, according to a report issued Thursday by the Agency for Healthcare Quality and Research (AHQR).

RACs were 'most improved' healthcare auditors for getting back money in 2013, ...

Medicare Recovery Audit Contractors dramatically stepped up their overpayment recoveries last year, returning nearly $487 million more to the government than they did in 2012, according to a new report from a federal watchdog agency.