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This week ABC Realty will be exploring the current dilemma facing the elderly in today’s Real Estate Market in Saint Paul: limited supply of affordable housing. Among those aging out of the workforce, many cannot afford to live in a retirement home due to the high cost of living in those communities. Lack of access to fair and affordable housing is in part due to the cuts in affordable housing, welfare, and other subsidies. Along with the lack of federal assistance the housing market has shifted dramatically in recent years. Many of the homes that the elderly bought decades ago are not worth enough to cover the cost of overinflated retirement care. Additionally, another dilemma is that the aging population cannot afford to take care of the house, further depreciating its value. This phenomenon leads to a huge portion of housing stock staying locked up and literally rotting away. This problem has become so rampant that we are seeing a spike in homelessness among the 65 and older population! It is estimated that by 2040 the 65 and overpopulation will grow by over 90%! During an era with such uncertainty facing the elderly, how can we tackle this burgeoning problem?
