As the U.S. ages, more and more individuals have chronic conditions or functional limitations which may at some point require senior housing, such as independent or assisted living facilities and nursing homes. The question is, will individuals be able to afford this type of housing? According to a paper by Pearson et al. (2019), the answer for most people the answer will be ‘no’.
The authors come to this conclusion by projecting future chronic conditions, functional limitations and income levels trends derived from the Health and Retirement Survey (HRS). Note that assisted living costs about $44,400 on average per year and costs have risen over time. Perhaps surprisingly, it may not be the poor who will not be able to afford senior housing, but instead middle income individuals may the ones get squeezed.
The decrease in employer use of pensions and under-saving by employees through 401(k) options, make this issue even more acute. Source:
Will you be able to afford senior housing when you get old? posted first on http://dentistfortworth.blogspot.com via Blogger Will you be able to afford senior housing when you get old?
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