Baby boomer homeowners fear losing their properties as they spend down their savings

• Low-income senior citizens, including those who own homes, are experiencing growing housing instability.
• This development is largely attributed to a shortage of housing, rising inflation, and an increase in the elderly population.
• Several homeowners expressed to BI that they're living in anxiety, worrying about losing their homes.

Home ownership has traditionally been a cornerstone of the American ideal, but for many aging homeowners, it's losing its value as a steady source of financial stability in retirement.

As home repair costs, insurance premiums, and property taxes continue to rise, older individuals are finding it difficult to afford adequate housing, making it harder for many to live comfortably in their later years. Despite a lifetime of hard work, a rising number of seniors are struggling to maintain a place to call home, and unfortunately, many are falling into homelessness.

The estimate is that by a significant amount, pertaining to approximately 40% of the original value, was increased to 50% over the course of three decades.

Housing costs and the overall cost of living are escalating out of control," said Marcy Thompson, Vice President of Programs and Policy at the National Alliance to End Homelessness. "This issue is especially concerning for older adults who rely on fixed income and are struggling to make ends meet.

Households on the verge of losing their homes
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Valerie Miller, 67, has had her mobile home in San Bernardino, California, for nearly four decades, yet she continues to have difficulty paying rent for the land it sits on and lacks the means to cover necessary repairs and upkeep.

At 62, Miller is planning to delay collecting Social Security until age 70, but she's already tapping into her modest retirement fund and is concerned that she won't be able to retire from her job at a truck-permitting firm. She's even thought about selling her home, but hasn't found any affordable housing options.

I often lie awake at night and get really anxious," she said. "I'm concerned I'll run through my savings, so I'll be left questioning if I should resort to using credit cards or God forbid, end up living on the streets.

The cost of housing has rapidly escalated in recent years.

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She stated, "There's a sense that baby boomers and older people are generally doing well, but when you examine it more closely, you see that a significant number of people are actually struggling to keep up. The rising cost of living and inflation have made it even tougher for them, causing many to feel left behind."

Barbara Willing, a 69-year-old artist, has worked intermittently at Walmart and Lowe's, but has faced difficulties earning a stable income due to her ongoing battle with an autoimmune condition. She's owned her home in Victor, Montana, which is about 35 miles south of Missoula, for over twenty years and still owes money on her mortgage.

I'm stuck with this place, even though it's not perfect, because moving would be way too expensive," Willing said, pointing out that her home has defects with its electrical and plumbing systems. She said that the threat of losing her home "lingers in the back of my mind, weighing heavily on my conscience and anxiety.

Willing has been jobless since July and is searching for a new sales position, but she's anxious about her car, which is getting old and may not make it on the near two-hour round trip commute to Missoula for the job. As she doesn't have a retirement fund, she depends heavily on her limited Social Security payments, a local food bank, the Supplemental Nutrition Assistance Program (SNAP), and disability benefits to get by.

I've finally gotten past the embarrassment of having to visit the food bank," she said. "Now, in fact, I enjoy going there and giving them praise on how well they're doing.

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