The number of elderly individuals that are experiencing homelessness is on the rise, perhaps for the first time since the Great Depression.
A recent estimate states that two-thirds of all Americans live paycheck to paycheck. For those on a fixed income, such as seniors and disabled individuals, this is a scary thought. Many in this category are one or two bad weeks away from losing their home. Many seniors are already vulnerable because of health issues–financial difficulties worsens this already precarious situation.
A big part of this is the fact that there are more seniors than ever before in history. The oldest members of the Baby Boomer generation are in their late 70s now. They cover all sorts of demographics and economic statuses. The sheer number of people in this category–the biggest ever jump in the population–has encountered a system that is not fully prepared to help. Many communities and services have been planning for this “Silver Tsunami” as some have labeled it, but the unfortunate reality is that we’re not fully prepared to help such a large number of people.
To be sure, housing is a growing issue for everyone all across the country. Buying a home is more exclusionary now than ever before. This puts people in lower financial brackets in a really tough place, especially as the cost of renting also is on the rise. Data out of Florida’s economy–which contains a large percentage of seniors–indicates that a $100 rise in rent leads to a 9 percent increase in homelessness. Unfortunately, there’s no easy solution available right now.
But when it comes to seniors, they are in a particularly vulnerable place because of their earning potential. If someone loses their job when they are 40, odds are they have an ability to re-enter the workforce. They might not make as much money as they once were, but there are always jobs out there. For someone that is 70 and has been retired for a number of years, the situation is very different if they are facing a new financial hurdle, such as the need to find housing. They may be unable to physically get a job and the amount of money that they’re bringing in on a month to month basis tends to be capped by a combination of Social Security, their pension income, and any other retirement income they might have. Homelessness is a huge hurdle for the elderly.
Each family will be impacted differently by this. But help is out there.
Senior housing might be an option, especially if there are physical or cognitive needs in place. If you’re unsure how a family member might be impacted, please get in touch with us. One of our trained professionals would be happy to talk more with you about how senior care can help. For some people, this might not be helpful at all. For many, it might hold the solution that you’re looking for. At the very least, a conversation with a caregiver can get you steered down the right path. Call us to discuss how senior care might benefit your family.
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