Homelessness Among Older Adults Is Rising

The country’s looming retirement crisis has been well documented, but the role of real estate — and its impact on older Americans who rely on fixed income — shouldn’t be overlooked. The high cost of housing is a contributing factor to people working past retirement age, with Harvard University finding last year that the rate of older adults carrying a mortgage into retirement has doubled over the past 20 years.

Now, according to a study conducted by LLC.org, nearly 1 in 5 Americans ages 65 and over are still working. And in some cities, the figures are unsettling:

• Irving, Texas — a suburb of Dallas — leads the nation with nearly 30% of its older residents still in the workforce
• Clarksville, Tennessee, has seen a 70% year-over-year increase of its working seniors
• Since 2010, the number of Americans who work past age 65 has increased from 6.1 million to 10.6 million

And while not everyone is working out of necessity, not all of them are doing so out of boredom, either. The National Alliance to End Homelessness reported in May that Americans aged 50 and older represent the fastest-growing demographic of people experiencing homelessness in the U.S. The numbers for that demographic are forecast to triple by 2030.

Take Florida, for example. With its warm weather and low taxes, the state has long been considered a retirement mecca. But last year, 27% of its older adults experienced homelessness. As housing and insurance costs skyrocket, the number of seniors in the Sunshine State who face this dilemma could be staggering.

Visit Money’s retirement hub to learn about ways to maximize your retirement savings and — importantly — about the role real estate can play in that plan.

For the 2025 tax year, the standard deduction is on the rise. Single filers will take a standard deduction of $15,000, meaning they'll pay no tax on that first chunk of income. The standard deduction for married couples filing jointly will rise to $30,000. And for heads of households, it will be $22,500.

With debt relief, consolidation loans and debt management, there are many potential ways to help tame your debt. It all just depends on finding a solution that works for you. For instance, if you have a decent credit score, a personal loan with a low APR could be an excellent way to consolidate your debts into one monthly payment. But if you owe more than $10,000 and your credit score isn’t so great, a debt relief program may be the better pick. Fortunately, we’ve compiled a one-stop resource to help you make the right choice.

Check out Money’s list of the best debt consolidation options today.

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