To learn more about the economic sufficiency of older adults in NYS, StateWide compared NYS Elder Economic Security Index with the number of older New Yorkers by County who receive social assistance and other key economic factors using Census data from the American Community Survey, Census Bureau, 2020.
Key Findings from the tables:
- According to 2020 Census estimates 496,142 (15.4%) NYS older adults received SNAP benefits. However, across the state, yearly food related expenses increased about 7% for both single elders and couples, thus outpacing the 6% rate of inflation that occurred between 2019 and 2021. From March 2021 to March 2022, the Consumer Price Index rate of inflation stated food costs rose 8.8%, signaling the expected worsening of food and economic insecurities for NYS elders if Social Security and wage rates do not keep pace.
- The Census estimates show that 32% of seniors 65+ are considered disabled with 8.4% having Difficulty in Self Care and 14.8% experiencing difficulty in Independent Living.
- Among New York State’s elderly population:
- a total of 389,391 elders spend more than 30% of their household income on rent.
- a total of 408,783 of older homeowners spend more than 31% of their household income on their housing costs.