Is rental housing for 62+ needed?

Sue Daugherty
Mar 23, 2010

 

 I just read a brief from the Center for Retirement Research that suggested most retired people should not carry a mortgage while retired.  Based on Serving Our Seniors’ needs study of Erie County residents ages 55-62 and 65- 75, many are planning to have a mortgage while retired or do have and will continue to have a mortgage while retired.  

It appears to a “normal” trend.  But of course, this study was conducted before the economic downturn.

The other interesting finding from our Erie County study was this: 13 percent of the 65-75 age group said they were thinking about moving because of the cost of their real estate taxes.  Ten percent said they were thinking about moving because of the cost of utilities.

Does this mean there is a need for a single-story “senior housing” development, if rent included electric and heat?   I think it does.  What do you say?

 

 

Comments

Yellow Snow

As I watch my own parents struggle, senior living at a fixed priced housing sounds a logical way to get a hold of balancing the finances.  We are looking at retirement in 5 to 7 years ourselves, and yes, taxes are a huge concern to us.  We can't control what is voted in beyond casting our own votes.  We can somewhat control utility bills, but property taxes are my biggest concern. 

Approximately 67% of my property tax is given to schools.  At some point, seniors need to be relieved of this responsibility, especially as seniors face higher medical expenses.  It could keep more in their homes.

I am all for people helping people, but seniors have been taxed for years, and need a break to finish out the difficult years, even if it's affordable housing.  Let them keep their dignity. 

 

Cross

We are in the highest bracket for utility costs in the country. We also have high property taxes, and our communities have a love affair with levys. I'd guess if we normalized taxes and allowed better competition for cheaper energy we'd be better off.

Sadly, we're going in the opposite direction with the proposed cap and trade, which would likely make our exorbitant costs skyrocket even higher

Yellow Snow: Working people are forced to pay for Medicaire/Medicaid/Senior Drug plans and countless other entitlement programs, most of which go to very well off seniors who milk the system, while working class people are barely getting by. You don't like paying for schools. I don't like paying for seniors to get free medical care and drugs, which is inordinately higher. I'll be glad to make that swap, and we won't pay for each other.