Housing, Not Health Care, Is Biggest Cost for Seniors
Those trips to the doctor are expensive, but nothing tops the cost of a roof over the head of seniors. The Employee Benefit Research Institute has published a study showing that housing is the largest expense for older Americans, not health care..
The EBRI included mortgages, property taxes, insurance, utilities and home maintenance as housing costs. It found those expenses account for 40 percent to 45 percent of a typical senior’s annual budget. Households with seniors spend between 9 percent and 18 percent of their budgets on health care.
The study noted, however, that housing costs tend to decrease with age as mortgages get paid off. On the other hand, health care costs increase with age, as health deteriorates into the final years of life. Study authors said senior care leaders need to focus more on housing as a lifestyle issue in the future.
Gender also made a difference: Single female homeowners were more likely than single males to cut down on clothes purchases (48 percent vs. 36 percent).
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