Record Share of Senior Households Spend Over 30 Percent of Income on Housing

Fifty-four percent of the nation’s 35 million mortgage-free homeowners are age 65 or older, according to housing research firm ResiClub. Among that group, roughly 64 percent own their homes outright. U.S. Census data show. The federal guideline considers households cost-burdened when housing expenses exceed 30 percent of gross income.

Since 2019, older-adult households have accounted for about half of all newly cost-burdened households, the Harvard Joint Center for Housing Studies reported.

5 times faster than their incomes grew, according to Seniorly chief growth officer Christine Healy. 2 percent nationally since the pandemic, Zillow data show. Median property taxes increased about 30 percent from 2019 to 2024, the Tax Policy Center said.

4 percent in the same period, LendingTree reported. Electricity prices rose 40 percent between 2020 and 2025, Bureau of Labor Statistics figures indicate.

An analysis by long-term care solutions company CareScout found seniors most likely to be cost-burdened in California and least likely in West Virginia. West Virginia has the nation’s lowest median property tax of $881 and the smallest share of households paying $2,000 or more in annual insurance.

Chartered financial consultant Steve Azoury recommended reviewing income sources and their expected duration, checking eligibility for local property-tax relief, and considering downsizing while capital-gains exclusions remain available. More than nine million eligible seniors are not receiving an estimated $58 billion in benefits, the National Council on Aging said.

Azoury also noted that reverse mortgages, now insured by the Federal Housing Administration, can provide monthly income while allowing owners to remain in their homes.