Of the 25.1 million households headed by older persons in 2011, 81% were owners and 19% were renters. The median family income of older homeowners was $32,900. The median family income of older renters was $16,200. In 2011, almost 50% of older householders spent more than one-fourth of their income on housing costs - 43% for owners and 71% for renters - as compared to 50% of all householders.
For older homeowners in 2011, the median construction year was 1970 compared with 1976 for all homeowners. Among the homes owned by people age 65 and older, 3.3% had physical problems. In 2011, the median value of homes owned by older persons was $150,000 (with a median purchase price of $55,000) compared to a median home value of $160,000 for all homeowners. About 65% of older homeowners in 2011 owned their homes free and clear.
Source: Department of Housing and Urban Development, American Housing Survey, National Tables: 2011.
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