By Melanie Hicken | CNN Money
America’s Baby Boomers are facing a serious housing crunch, with many expected to struggle to afford their homes come retirement.
By 2030, the number of adults age 65 and older will more than double to 73 million, according to a report by the Harvard Joint Center for Housing Studies and the AARP Foundation.
And many of these retirees will need to put so much of their income toward housing — more than 30% — that they will have to cut back on other expenses like transportation, medical care, even food, the report found.
A big part of the problem: many Baby Boomers will enter retirement with less savings and more debt than previous generations.
