AARP Finds Idaho's 50+ Living on Rocky Ground

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AARP Idaho

Oct 19, 2011, 11:11 ET

New AARP Report Takes Hard Look at Housing Conditions of Gem State's 50+, Many Taking out Reverse Mortgages, Living in Poverty

BOISE, Idaho, Oct. 19, 2011 /PRNewswire-USNewswire/ -- Idaho has one of the highest rates of married 50+ in the nation, and, according to a new AARP report detailing housing trends among the age group, the good news might as well end there.  The report, compiled by AARP's Public Policy Institute (PPI), finds Idaho ranks 7th in the nation for the percentage of 50+ taking out reverse mortgages (borrowing against their home's equity) and has the 3rd highest poverty rate among homeowners in the West.

"Idaho's 50+ continue to face very difficult economic times; many have even been forced to borrow against their homes simply to make ends meet," said Jim Wordelman, State Director for AARP.  "Housing costs continue to eat up a significant amount of Idaho's 50+ household incomes, and with soaring utility bills and health care costs, it can be an unhealthy combination for many."

Key findings from AARP's housing profile of Idaho's 50+:

  • 56% are married, the 3rd highest rate in the nation
  • Idaho saw a 93% increase (in just 9 years) in the number of 50+ who've taken out reverse mortgages on their homes, ranking Idaho 7th highest in the nation
  • Roughly 6.5% of all 50+ homeowners in Idaho live in poverty, the 3rd highest in the West, along with 23% of all 50+ renters
  • A high number of 50+ homeowners and renters spend anywhere from one-third to half or more of their household income on housing costs.  
    • Homeowners - 33.2% (42% for the 65+) of homeowners spend one-third or more of their household income on their mortgage, while 14% (23% for the 65+) spend roughly half of their income or more on their mortgage
    • Renters -  45% (53% for the 65+) spend one-third or more of their household income on housing, 23% (27% for the 65+) spend half of their income or more
    • Low-income - 91% (99% for the 65+)  of low income 50+ homeowners spend one-third or more of their household income on housing, and 74% (88% for the 65+) spend half of their income or more on housing

"In spite of a harsh economic reality, we continue to see an increase in grandchildren living in grandparent headed households, where, in many cases, the grandparent is responsible for meeting that child's basic needs," added Wordelman.  

For more information, AARP's Idaho state housing profile report is available on-line: http://assets.aarp.org/rgcenter/ppi/liv-com/AARP-HouProf_2011-IDs.pdf.  The complete national study, with state rankings is also available: http://www.aarp.org/home-garden/housing/info-09-2011/state-hp-2011.html.

AARP is Idaho's largest membership organization with over 180,000 members.

Follow us on Twitter @AARPIdaho and Facebook: AARP Idaho

SOURCE AARP Idaho

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