Black, Hispanic Middle Class Finding It Tougher to Afford Senior Housing, Health Care

MONDAY, Feb. 19, 2024 (HealthDay News) — Millions of Black and Hispanic middle-class adults won’t be able to afford senior housing and health care expenses as they grow old, a new study warns. The number of middle-income older adults of color is expected to double within the next decade, rising from 12% in 2020 to 25% in 2035. But compared to the entire U.S. middle class, those folks will be the least likely to afford senior housing and care, researchers say. The new study points to widening gaps among the Black and Hispanic middle class when it comes to home ownership, home equity, financial assets and marriage rates, when compared to their white peers. As a result, Black and Hispanic seniors have fewer financial resources as they enter their golden years, researchers said. “Wealth is not distributed evenly across the Forgotten Middle. Now we know that Black and Hispanic older adults are the worst off,” said researcher Sarah Rayel, senior director in NORC’s Health Care Strategy department at the University of Chicago. “Black and Hispanic middle-income older adults have fewer liquid assets and less equity than other middle-income older adults, which is making it harder to leverage their home to...