A recent AARP report, Loss of Housing Affordability Threatens Financial Stability for Older Middle-Class Adults, assesses the impact of the housing crisis on the economic security of older adults (50 years and older). The authors found that, unsurprisingly, the housing crisis negatively impacted housing affordability for older adults, and as a result, housing cost burdens among older adults increased and spread between 2000 and 2010. Also significant was the uneven impact based on race and ethnicity. Between 2005 and 2009, homeowners of color lost half of their wealth, due in part to growing income gaps between white and other homeowners, and higher foreclosure rates on prime mortgages among households of color.
Do these results match what you see on the ground? Do you know of innovative programs to address the housing affordability needs of older adults?
Tags: adults, affordability, economic, housing, older, security
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