Definition: The (5-year rolling) percentage of senior homeowners ages 65 and older in Sarasota County that spend 30% or more of their income over the past 12 months on selected monthly owner costs.

Source: U.S. Census Bureau, American Community Survey

2025 Target: 25.29%

Below is a comparison of the value for this indicator among seven coastal counties: Charlotte, Sarasota, Collier, Lee, Manatee, Hillsborough, and Pinellas. These counties have been recommended as comparable counties by Sarasota County Government.

Housing Cost Burden: Homeowners Age 65+ (2015)

In 2015, 27.3% of senior homeowners (65+) in Sarasota County spent more than 30% of their income on selected monthly housing costs. This figure has decreased by almost 12% since 2009. In the State of Florida, 29.4% of senior homeowners are considered housing-cost-burdened, and in the United States, 26.9% of seniors are considered housing-cost-burdened.

The data reported above does not take into account low-income senior households which are the most vulnerable to being burdened by housing costs. According to the Shimberg Center for Housing, 89% of extremely low income homeowners (household income is 30% or less of area median income) ages 65 and over in Sarasota County were housing cost burdened in 2015. The annual income needed to afford a median priced home in the North Port-Sarasota-Bradenton metropolitan area is $47,148 (Center for Housing Policy). The median income for seniors (65+) in Sarasota County was $47,108 in 2014 (American Community Survey, U.S. Census Bureau). 40% of senior homeowners in the county make less than 80% of the area median income, and 21% make less than 50% of the area median income (Shimberg Center for Housing). This results in a high rate of housing cost burden among Sarasota County seniors.

The prevalence of housing cost burden among seniors (65+) is also largely due to a deficit of affordable housing. According to The U.S. Department of Housing and Urban Development, there is a gap of 13,348 affordable housing units for extremely low income households across the Sarasota-Manatee-Bradenton region. From 2010 to 2013 there has been a 68% decrease in affordable housing permitting in Sarasota County.

Seniors that are spending a large amount of their income on housing costs may be forced to relocate to an assisted living facility, where there is a larger prevalence of depressive disorders. Seniors may also be unable to pay for adequate health care, medicine, food and transportation costs. The results of this may be inadequate healthcare, food insecurity, social isolation, and an exacerbation of physical and mental illness. The inability to afford housing costs may also result in homelessness. According to the Suncoast Partnership to End Homelessness 2016 Point-in-Time Community Report 7.71% of homeless people counted in Sarasota County were age 60 or older.