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A typical U.S. homeowner who is 65 or older has the financial means to pay for 3.5 years in a nursing home, 6.5 years of assisted living or nine years of home care, the report states. However, the typical renter only has enough wealth to pay for two months of assisted living. Nursing home care would deplete a typical renter's assets “in a matter of weeks.”
These numbers are especially troubling considering that baby boomers who currently are in their 50s have lower homeownership rates than preceding generations, and homeownership rates fell during the financial downturn among those approaching retirement. Also, “if current income distribution holds,” the ranks of low-income older renters will swell by 2.6 million by 2030, according to the report.