Seniors with Outstanding Mortgages Experiencing Greater Housing Cost Burden with Aging

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Nearly 33% of seniors who are aged between 50 and 64 and still pay off their mortgage loan feel at least moderate housing cost burden, according to a recently introduced report of the Joint Center for Housing Studies at Harvard University named “Housing America’s Older Adults – Meeting the Needs of an Aging Population”.

In the age group from 65 to 79, 45% of the home owners who are still paying off their mortgage experience housing cost burden. In the group of senior home owners who are 80 or older, 61% feel at least moderately burdened by housing costs.

In the group of home owners who are aged between 50 and 79 and have paid off their mortgage loan, less than 15% experience housing cost burden. In the group of senior home owners who are older than 80 and who have paid off their mortgage, less than 25% feel burdened by housing cost. For the homeowner groups, the total cost of housing includes utilities, insurance and property tax and outstanding mortgage payments, if any.

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Nearly 50% of the people who are between 50 and 64 and live on a rental property experience at least moderate housing burden. In the group of renters who are over 80 years of age, nearly 6% feel burdened by housing cost.
In the age group from 50 to 64, the share of people who experience housing cost burden rose by 9% over the past decade. In the age group of people over the age of 65, the share of those burdened by housing cost is currently 6% higher compared to a decade ago.

The share of seniors who are over the age of 65 and have outstanding mortgage loan is also growing. It rose to nearly 33% in 2011 from 22% in 2001. The median outstanding mortgage balance for home owners in this age group increased to $79,000 in 2011 from $43,400 in 2001.



Christian Calvin mortgage Christian is a contributing writer for He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.


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