Markets· August 16, 2026 at 02:04 p.m.
Retirees Struggle to Afford Housing Costs Despite Paid Mortgages
Key takeaways
- Retirees may struggle with housing costs despite paid mortgages
- COLA adds $56 a month to a $2,000 benefit in 2026
- Early application for property tax exemptions and assistance is crucial
A retiree in a mortgage-free house is finding that property taxes, insurance, and maintenance costs are outpacing her Social Security income. The cost-of-living adjustment (COLA) for 2026, at 2.8%, adds only $56 a month to a $2,000 benefit, which can be easily erased by a single reassessment or insurance hike. Property tax exemptions, weatherization grants, and USDA Section 504 repair assistance can help reduce the pressure, but early application is crucial due to deadlines.
