Senior Homelessness: The Tsunami Wave Is Coming
It’s coming!
Senior homelessness is on the rise and it will become daunting if we don’t do something about it. Currently, there are 10,000 people turning 65 and retiring every day. Most, due to low wages over the past 40 years, get low benefits. And, since they had low-paying jobs with no retirement benefits beyond Social Security, they were not able to set aside additional funds for retirement. In the homeless facilities, we oversaw we noticed a trend in the last few years of more and more seniors needing a place to be. These were seniors in their 60-80’s.
Most had some form of Social Security or Disability benefits, but it wasn’t enough to allow the individual to afford market rentals. Even though they had worked 40 years and paid taxes along the way, they didn’t have a monthly income capable of covering their expenses. The average check of the homeless individuals we saw ranged from $800 to $1,400 a month. It just wasn’t enough. At this writing, the average rent for a one-bedroom in our State is nearly $1,000. With landlords asking for a person to have three times the rent price as income, it truly is an impossible situation.
What about HUD Housing or HUD Vouchers?
Yes, once a person becomes eligible for HUD benefits, it may solve the problem. But there are far too few HUD projects and vouchers and in many areas, the wait can be up to five years.
So where does the senior end up? On the streets!
Each community is going to face this senior homeless Tsunami and needs to get prepared. There are ways to address it.
Perhaps we can help.