Seniors Housing Affordability
Seniors
Housing Affordability
Statistics Canada recently released a report looking at housing costs experienced by elderly families. It found that two-thirds of seniors are homeowners, 90% of whom have paid off their mortgages.
Low-income seniors, who rented, spent almost half of their income on rent. Low-income seniors, who own and were mortgage-free, spent about one-third of their income on housing, the largest component being property taxes, which consumed around 12% of income. Those still servicing mortgages often need to dip into savings in order to stay in their homes.
The increased value of their homes provides low-income homeowners with significantly greater wealth than low-income renters – owners had nearly ten times more wealth than tenants.
For more information,
please visit:
http://www.statcan.ca/Daily/English/040723/d040723a.htm
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Source: United Ways of Ontario's Government Relations Bulletin - Issue dd July 23, 2004
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Page last updated July 24, 2004