Los Angeles among top 3 costliest cities for older homeowners

Rents continue to drop

According to a new Redfin report, rents are seeing the biggest drop in three years.

LOS ANGELES - High housing costs are pushing more homeowners out the door across the U.S., but according to new data, that sentiment rings especially true for older homeowners in metro areas and coastal cities.

A recent report from Harvard University’s Joint Center for Housing Studies shows that even though incomes are typically higher in those areas, many homeowners aged 65 and up spent at least 30% of their household income on housing, utilities, taxes and insurance. This includes 39% of older homeowners in Miami, 39% in New York and 36% in Los Angeles.

The study showed at least 50% of renters aged 65 and up across 88 of the country’s largest 100 metros put 30% or more of their household income toward housing costs. The study also noted many older Americans are dealing with increased healthcare costs in addition to the burden of housing expenses.

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Los Angeles ranked second on the list of least affordable housing markets in the U.S., preceded by Miami. Homeowners with the median household income of $74,242 should expect to spend over 77% of it on the cost of owning a home, according to the study. California is also home to seven of the country’s 100 most expensive zip codes.