Older Renters Often Behind on the Rent
Nationwide, approximately 583,400 older adult renters were behind in their rent as of July 2021 and even as the economy begins to recover, there has not been a consistent decline in the number of older renters (defined as age 65 and older) who remain behind in their payments. Additionally, nearly 144,000 older renters who are current in their payments are not confident they will be able to make their next month’s payments on time.
Since April 2020, the Census Bureau has tracked the number of renters struggling to make payments. In a paper released last August by the Consumer Financial Protection Bureau, low income older adult renters of color were found more likely to be behind in their payments than their counterparts. Additionally, older renters who are non-white with incomes below $25,000 also were more likely to be behind in their rents. Renters with mobility issues, such as having severe difficulty walking and climbing stairs, also were found to be more likely behind in their payments.
About 32.3 percent of older renters had a fear of eviction. The level rose to about 64 percent among those with a disability who were behind in their rent and worried about having to find accessible and affordable housing.
The report also found more than one-fourth of older adults who were behind in their rent also faced food insecurity (about 15 percent), difficulty meeting expenses (33 percent) and frequently felt anxious (46 percent). These finding suggest unmet financial needs and related situations contribute to older adults struggling to make ends meet.
In contrast to these nationwide statistics, most CCH renters are able to make their payments. CCH works closely with our residents to ensure they are aware of agency programs which help low-income renters to make their monthly payments. Many residents qualify to have as much as 30 percent or more of their rent subsidized through local assistance plans. As a result, during a given month less than two percent of CCH residents are behind in their rents.
CCH also has a Resident Care Fund (RCF), which offers residents a life line to take care of critical needs such as unexpected medical costs, food, transportation issues and support services. The RCF brings comfort and peace of mind to residents during a moment of crisis when a caring hand is needed the most. This one-time gift of support is often all that’s needed to help alleviate some of the fear of unforeseen financial woes and put residents back on a firm financial standing.
For more information about the Census Bureau report, click here. If you’d like to lend a caring hand to CCH residents during a critical time of need, read more about the Resident Care Fund here.