2006 State Report > Housing > Owners and Renters
Housing: Owners and Renters
Older Americans are increasingly staying in their own homes as they age. According to a survey conducted by the AARP in 2003, 83 percent of Americans aged 45 and older said that they strongly or somewhat agreed that they wanted to remain in their current residence for as long as possible. Even if they needed services to help them take care of themselves, 82 percent would still prefer to remain in their current home.
Most older South Carolinians own their homes. In 2004, 83.0 percent of households with householders aged 55 and older were owner occupied. Elderly householders aged 85 and older are less likely to own their home. In 2004, 73.6 percent of householders 85 and older were homeowners and the remaining 26.4 percent were renters.
Tenure by Age of Householder in 2004
Source: U.S. Census Bureau, 2004 American Community Survey, Table B25007.
Older renters are more likely to live below poverty than older homeowners. Among households with householders 55 and older, only 9.8 percent of owner occupied households had incomes below poverty in 2003. In contrast, 38.4 percent of renter occupied households with householders 55 and older were below poverty. As renters age, they are even more likely to be poor. Among the 8,411 renter occupied households with householders aged 85 and older in 2003, 48.1 percent lived below poverty.