Harvard Study Reveals Soaring Mortgage Debt Among Older Americans

As the U.S. population ages, millions grapple with housing cost burdens and lack of accessible housing, prompting calls for urgent policy interventions.

• Harvard University's Joint Center for Housing Studies found a 423 percent increase in median mortgage debt for homeowners aged 65 to 79, from $21,000 in 1989 to $110,000 in 2022.
• The number of older adults in the U.S. has increased from 43 million in 2012 to 58 million in 2022, with many facing financial vulnerability due to soaring housing costs and lack of accessible housing.
• Nearly 11.2 million older adults are grappling with housing cost burdens, with more than 30% of their income going towards housing expenses.
• Older Black and Hispanic households face the highest rates of cost burdens, with around 44% of these populations experiencing severe housing cost burdens.
• The report calls for urgent policy interventions and creative solutions, including expanding access to affordable housing, offering more robust long-term care options, and devising innovative financing mechanisms for older adults.

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