September 06, 2019
PropertyShark Examines Housing Options for Older Adults
The real estate website “PropertyShark” polled Americans aged 45 and older about their attitudes concerning housing, retirement and personal finances. More than half of those surveyed want to remain in their current homes during their senior years. However, 30% of those aged 45 and over had a hard time keeping up with housing costs in the past year. Solutions like downsizing become less appealing the closer older adults are to retiring.
Among the other findings: Three out of five respondents had less than $100,000 in savings. The most significant economic concern was home maintenance and repairs, followed by growing property taxes. Sharing costs with a housemate or a paying guest who is not a family member did not appeal to most of those who were asked.
The suburbs are the preferred retirement environment for 45% of respondents. Rural living is a close second, with 30% of older adults desiring life in the country. City living is a distant third, with only 15% saying they wanted to live there. Senior living communities were the choice for the other 10% of the respondents, and one-in-four older adults looking to retire outside their home state want to move to Florida.
Only 3% of older adults are very familiar with government programs as they pertain to housing, compared to a whopping 49% who are not at all familiar with them.