Linda Lara has always dreamed of homeownership, but as a single mother, caretaker for her elderly parents, and a grandmother to three young girls, accumulating enough savings for a down payment has always been an uphill battle. Her journey through the complexities of affordable housing highlights the broader struggles faced by many older Americans in today’s economy.

In 2019, after a lengthy wait, Lara received the news that she had finally been accepted into a subsidized senior housing development located in San Mateo, California. This city, known for its proximity to San Francisco, became Lara's home decades ago. Despite the relief of moving into a below-market-rate apartment, Lara still finds it necessary to work part-time—20 hours a week—just to supplement her Social Security income and to cover her other bills. Like many seniors across the nation, she faces the grim reality that retirement may not be an achievable goal.

Lara reflects back to when her daughter was just 12 years old and they settled into a cozy one-bedroom apartment in San Mateo. Over the nearly 30 years they lived there, the apartment became a beloved home filled with charming features, including hardwood floors, beautiful arches, and an old Wedgewood stove. Beyond its quaint aesthetic, what Lara cherished most was the affordable rent, which allowed her to maintain stability in her life.

However, in 2019, the situation took a turn for the worse when the apartment building was sold, and the new owners informed her that her rent would be more than doubled. Faced with the prospect of losing her home, Lara had previously entered multiple lotteries for low-income senior apartments and, fortuitously, she was notified that she had been selected for a 380-square-foot studio apartment in a subsidized building just a stone’s throw from her long-time residence. Seizing the opportunity, Lara moved in and felt an immense sense of relief, especially with a rent of less than $800 a month.

“It was like a miracle, a gift from heaven that presented itself right when I needed it,” Lara described her new living situation. Yet, despite her initial relief, the rent continues to rise annually and is now approximately $1,000. To make ends meet, Lara works part-time as an office administrator within the county parks department, bringing in roughly $2,170 each month, alongside her monthly Social Security check of $1,547. Because Lara opted to take her Social Security benefits early at the age of 62 to help care for her granddaughters, her payments are lower than they could have been, leaving her to worry about her financial future.

“I’ll be working probably until I die,” Lara lamented, “unless I move somewhere far away that’s much less expensive.” This sentiment is emblematic of the struggles many seniors face today. A staggering one in five Americans aged 50 or older report having no retirement savings, with more than half expressing concern that their savings will not be sufficient to last them through their later years, according to a recent survey by AARP.

The challenge is exacerbated by the housing crisis. Numerous baby boomers find themselves in a difficult position—searching for affordable and accessible housing options as they age. Even those who are homeowners, benefitting from a rise in home equity, find it increasingly difficult to locate smaller, more manageable homes to downsize into.

Recent data from a 2023 Harvard report reveals that a record one-third of homeowners aged 65 and older are classified as cost-burdened, meaning they spend more than 30% of their income on housing and utilities. This is a particularly harsh reality for those reliant on fixed incomes, as the risk of homelessness looms larger for older adults. Alarmingly, single adults aged 50 and above now account for approximately half of the homeless population in the United States, a stark increase from just about 10% three decades earlier.

Lara finds it difficult to imagine living anywhere other than San Mateo. Her ties to the community are deep, with her daughter, son-in-law, and granddaughters living close by. She recalls a time when she did not worry about being pushed out of the Bay Area, but today, the soaring prices of apartments have made it feel as though affordability is a distant dream. “Apartment prices are out of control,” she said. “I have to stay in this apartment until I probably can’t afford this anymore, and then I don’t know what I’ll do.”