Between the housing bubble burst, the economic collapse, and the increased costs of everything from food to fuel, it’s no surprise that older Americans are facing an increased gap between their annual income and expenses. According to a recently released report by Wider Opportunities for Women, more than half of U.S. elder households have incomes insufficient to meet basic expenses. New England states make up half of the top ten least affordable states for seniors, with Mississippi and Hawaii the only two of the remaining five that are not in the Northeast or Midatlantic. California is number eleven on the ranking. Minnesota is right in the middle at number 25. North Dakota, Iowa and Wisconsin were in the bottom quarter, ranking at 38, 39 and 40 respectively. At number 51, Alaska had the smallest gap between income (excluding Supplemental Security Income and public assistance) and elder index (for a single renter). Part of a “Doing Without” series of demographic briefs, Doing Without: Economic Insecurity and Older Americans utilized data for those who are fully retired, single and over 65.
Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota