Many Retirees Put Housing on Hold

The housing crisis is preventing thousands of older Americans from selling their homes and moving into retirement communities or assisted-living centers.

Many of these facilities require down payments of anywhere from $100,000 to $500,000. These are costs that many older people can’t afford without selling their homes.

Canceling entry means taking themselves off waiting lists that they have been on for years. At the same time, it leaves some facilities scrambling to fill empty beds.

Occupancy rates for independent and assisted-living facilities have fallen by about 2 percent through the middle of 2008, according to the National Investment Center for the Seniors Housing and Care Industry.

%d bloggers like this: