Housing costs of elderly families
Raj Chawla and Ted Wannell
Concerns about the property tax burden for seniors often relate to the long period that many have lived in their homes. The recent surge in residential housing prices has in many cities been greatest in mature neighbourhoods with concentrations of older homeowners. Thus a general rise in mill rates and a relatively high increase in assessed value can create a double burden for many elderly homeowners. This article examines housing costs within the context of income and assets, focusing on elderly homeowners but including younger families and renters for comparison. The low-income dimension is also explored.
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