More Older Americans Become Homeless as Inflation Rises and Housing Costs Spike

November 10, 2022

(NPR) – Inflation and rising rents are leaving many older Americans on the brink of ruin. The poverty rate for people 65 and older rose from 8.9% in 2020 to 10.3% in 2021, according to Ramsey Alwin, president and CEO of the National Council on Aging. Alwin says people who rely on traditional retirement income, such as Social Security, are having trouble affording the basic necessities. “You’ll find that individuals are often coming up short by about $1,000 a month in order to meet their true needs,” she says. As a result, many older people must make hard choices about whether to pay for daily needs such as food and medication or rent. Others simply can’t stretch their money and must leave their homes.  (Read More)