By Damon Scott | Albuquerque Business First
Even though multifamily living has increased among older Americans in recent years, homes are still the preferred method of financial security, according to a report released Monday by the Mortgage Bankers Association.
The report by the MBA’s Research Institute for Housing America, “A Profile of Housing and Health among Older Americans,” is authored by Professors Michael D. Eriksen of Texas Tech University, Gary V. Engelhardt of Syracuse University and Nadia Greenhalgh-Stanley of Kent State University.
“The study found older Americans who own their homes are more financially secure and generally experience fewer impediments to good health than their peers who rent,” Eriksen said. “Owning a home provides the single largest asset in most Americans’ retirement portfolios, while renters have far more difficulty modifying their living space to adapt to any of the myriad physical ailments that tend to affect older people.”