Growing household expenses and housing costs are making it difficult for the senior demographic to rebound from the financial crisis that began in 2008, according to a recent report.
As a result, a recent Harvard study revealed that being able to build home equity will be crucial for aging Americans.
"The 2019 edition of the Housing America’s Older Adults report by the Joint Center for Housing Studies (JCHS) at Harvard University, goes into detail concerning the aging that is taking place in America’s households, along with ways that financial disparities can be addressed, which includes the potential employment of home equity," according to Reverse Mortgage Daily.
"Jen Molinsky, a lead author on the study, also details how greater employment of home equity can serve as one possible solution for seniors facing financial and housing-related shortfalls."
The report estimates that U.S. households ages 65 and over will increase from 26% in 2018 to 34% in 2038.
To learn more about the importance of establishing home equity in the coming years, click on the image above.