The Idaho Center for Fiscal Policy’s policy analyst, May Roberts, discussed housing affordability with Josa Snow, a reporter with Coeur d’Alene Press.
“In 2021, the average cost of rent in Idaho was about 84% of the average Social Security payment, according to data from the Idaho Center for Fiscal Policy, up from 69% in 2020.
‘Our analysis makes clear that Social Security benefits do not cover retirees’ basic housing costs,’ Idaho Center for Fiscal Policy analyst May Roberts said.
For people who were able to buy a home or combine incomes in one household, average Social Security payments can cover expenses. But for people who didn’t, it can be a very different story. Nearly a quarter of seniors have monthly housing costs totaling more than 30% of household income.
‘According to the U.S. Department of Housing and Urban Development, households that pay more than 30% of their income for housing are considered cost-burdened and may have difficulty affording necessities,’ Roberts said.”
Read the full article here: Retiring into financial insecurity | Coeur d’Alene Press (cdapress.com)