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A Profile of Older Americans: 2004

Housing

Of the 21.6 million households headed by older persons in 2003, 80% were owners and 20% were renters. The median family income of older homeowners was $25,353. The median family income of older renters was $13,540. In 2003, 42% of older householders spent more than one-fourth of their income on housing costs - 35% for owners and 76% for renters - .as compared to 41% of all householders.

For homes occupied by older householders in 2003, the median year of construction was 1965 (it was 1971 for all householders) and 5.2% had physical problems. In 2003, the median value of homes owned by older persons was $122,790 (with a median purchase price of $32,905) compared to a median home value of $140,201 for all homeowners. About 72% of older homeowners in 2003 owned their homes free and clear.

(Source: "American Housing Survey for the United States in 2003, Current Housing Reports" H150/03)

 

 

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