Key Takeaways

• In 2019, 28% of adults age 65 and older in the U.S. reported an income of $50,000 and over. The full income distribution for adults age 65 and older in the U.S. (2019) — under $5,000 (5%), $5,000 to $9,999 (7%), $10,000 to $14,999 (13%), $15,000 to $24,999 (21%), $25,000 to $34,999 (14%), $35,000 to $49,999 (13%), and $50,000 and older (28%).
• In the U.S., the average home value in 2021 was $374,900; the homes of homeowners age 65 and older are generally worth less compared to those owned by the general population. On average, the homes owned by homeowners age 65 and older are worth $10,626 less than those owned by the general population.
• According to the U.S. Census 2020, nearly 80% of adults age 65 and older own their homes.

Introduction

Income Distribution

• The median income of older adults in the U.S. was $27,398. 

• The median household income of older homeowners in the U.S. was $36,200. 
• Households of families headed by an older person reported a median income of $70,254. Breakdown by ethnicity—
•  $74,365 (non-Hispanic White).
•  $50,553 (Hispanic).
•  $51,743 (African American)
•  $76,235 (Asian American).
•  Five percent of households with an adult over 65 had an income less than $15,000.
•  Eighty-one percent of households with an adult over 65 had an income of over $35,000.
• Income distribution of family households with people the age of 65 and older in the U.S.—
• Under $10,000 (3%).
• $10,000 to $14,999 (2%).
• $15,000 to $24,999 (6%).
• $25,000 to $34,999 (9%).
• $35,000 to $49,999 (14%).
• $50,000 to $74,999 (20%).
• $75,000 and over (47%).
• Income distribution of people age 65 and older in the U.S.—
• Under $5,000 (5%).
• $5,000 to $9,999 (7%).
• $10,000 to $14,999 (13%).
• $15,000 to $24,999 (21%)
• $25,000 to $34,999 (14%).
• $35,000 to $49,999 (13%).
• $50,000 and over (28%).

Private Pay Caregiving Agencies

• By 2050, 84 million Americans will be 65 and older.
• Nearly 70% of adults age 65 will not be able to "care for themselves at some point without assistance."
• In the United States, over 12 million people are recipients of home health care services.
• As of 2022, there are 451,269 home care provider agencies in the United States, a 4.8% increase from the year prior.

Homeownership Rates

• The number of owner-occupied homes in the United States is 79.36 million. 
• According to the U.S. Census 2020,the homeownership rate for adults aged 65 and over is around 80%. 
• In contrast, the homeownership rate for those aged 35 years and under was 37.8%. 

Home Value

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  Source
   
• The average price of a house in the United States in 2021 was $374,900. 
• The homes owned by people 65 and older are typically worth less than those owned by the general population.
• The homes of homeowners age 65 and older are worth, on average, $10,626 less than those owned by the general population.
• According to the Joint Center for Housing Studies, in 2019, the average home equity for a homeowner aged 65 and older is $143,500.

Employment

• In 2020, 9.8 million (18%) adults age 65 and older were in the labor force.

Geographic Distribution

• In 2019, 51% of adults age 65 and older lived in nine U.S. states:
•  California — 5.8 million.
•  Florida — 4.5 million.
•  Texas — 3.7 million.
•  New York — 3.3 million.
•  Pennsylvania — 2.4 million.
•  Ohio — 2 million.
•  Illinois — 2 million.
•  Michigan — 1.8 million.
•  North Carolina — 1.8 million.

Research Strategy