Recent data from the U.S. Census Bureau shows that retirement-aged Americans across the country are struggling to find housing they can afford. To that end, the folks at smartasset.com investigated just how much money seniors spend on housing and what cities are the most expensive for seniors. Specifically, they looked at the number of senior renters and homeowners who spend at least 30% of their income on housing. They found two main points; Seniors who rent are more likely to be housing cost-burdened (over 2x as likely as senior homeowners) and Seniors in big cities struggle.
“Many Americans miss the opportunity to save, which means they miss the chance to invest…Without the gains from investing, it is almost impossible to save enough for retirement.”