Local Seniors Face High Rents and Housing Insecurity

By Stephanie Glowatski

A rising number of seniors in northern New Jersey and across the nation are burdened by high housing costs, meaning they spend 30 percent or more of their income on housing. A 2023 study by Harvard University found 70 percent of seniors making $25,000 or less spend 30 percent or more of their income on their monthly rent. For seniors with mortgages in the same income category, over 90 percent are housing cost burdened. To put that into perspective, the Social Security Administration reports the average monthly Social Security retirement benefit as of January 2024 is $1,907, which translates to only $22,884 annually.

Additionally, income for seniors is covering less as cost-of-living expenses increase. A study by UMASS Boston found “the average Social Security benefit covers just 68% of basic living expenses of housing, food, transportation, and health care for a single renter in 2021.” The research also shows the “gap between Social Security benefits and what it takes to get by is especially problematic for older adults who rely largely or entirely on Social Security, including nearly a quarter of adults age 65 or older who depend on Social Security for 90% or more of their family income.”

Seniors on a fixed income have also been facing a rise in rent prices. The Pew Research Center reported an 18 percent increase in rent between 2017 and 2022. Additionally, the current median cost of an apartment in Sussex County is $1,900 a month according to Zillow. Availability of apartments is also limited, and current tenants often face rent increases from their landlords to keep pace with the market. Additionally, area waitlists for affordable senior housing are several years long.

Family Promise offers programs to assist seniors in need, including Homelessness Prevention, Rapid Re-Housing, case management, financial counseling classes and utility assistance. However, the housing needs for seniors, families and young adults continue to grow. To learn more about how you can assist seniors in our community find and maintain stable housing, please visit our website at www.familypromisesussex.org.

About Family Promise of Sussex County

The mission of Family Promise of Sussex County is to secure housing stability and sustainability for those in crisis…because everyone deserves a home. Our vision is that every individual and family shall have a home, a livelihood, and the chance to build a better future. We offer many services and a dedicated team of individuals that are available to assist our clients in attaining these goals. To learn more visit us at our offices in Newton, Sparta and Sussex or contact us at 973-579-1180 or [email protected].