Social Insecurity
How inflation is fueling homelessness amongst the older generation.
The inventory crisis that has plagued the real estate market for the last few years is just one of the reasons that a segment of the older population is finding themselves to be homeless. The high cost of living and the shortage of available affordable housing is a scenario that has struck the younger baby boomers very hard according to a number of reports.
The Wall Street Journal recently reported that the Department of Housing and Urban Development has discovered that the segment of the population 65 and older is one of the fastest-growing segments of individuals who are finding themselves to be homeless.
HUD statistics show that between 2007 and 2017 the number of homeless individuals 65 and older grew from 16% to 23%.
The National Health Care for Homeless Council reported that there was a growing percentage of individuals they were caring for in the age category of 65 and older, which grew to 36% from 25%.
There’s a growing segment of the elderly population that now are living in their cars. With the national monthly average Social Security payment at $1,706, and the median rent is over $2,000 a month, there is an obvious deficit. This shortfall places a segment of the population $300 short of the average rental payment. With the average number of retirees expected to grow to over 80 million individuals in the next few years, and the shortage of available housing to contract, there is clearly going to be a breaking point.
A Florida housing commission discovered that for every 25 available affordable rentals there are 100 individuals seeking such apartments. Another US agency reported that homelessness has risen 11% in 2022; that crushes the prior record of 2.7%. And AARP reports that 45% of older individuals depend upon their Social Security payments for at least 50% of their income. So as these forces continue to shape the market, the number of homeless are most likely going to increase substantially over the next few years.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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