A look at Roane County statistics on aging and costs for 65+
-When housing costs consume a large portion of household budgets, older adults often sacrifice on other necessities. According to the latest Consumer Expenditure Survey, severely cost-burdened older households in the bottom expenditure quartile spent 53 percent less on food and 70 percent less on healthcare than otherwise similar households that live in housing they can afford. ***
– Average monthly social security benefit at age 65 = $1152. (as of the end of 2015, from the (2016) Annual Statistical Supplement of the Social Security Administration (SSA)*****
– The average cost to rent a 1 bedroom apartment in Roane County is $581*
– The average monthly residential electricity bill in Tennessee is $123, which ranks 10th in the nation and is 14.95% greater than the national average of $107 per month.****
– 12.8% of the county population is estimated to be between the age of 65 and 74.*
– In 2019 there was an estimated 12,629 Adults 65+**
– This is expected to grow 18% by 2030 to 14,856 when 29% of all residents will be 65+**
– 17% are housing cost burdened**
– 9% are at >100% federal poverty level**
– 40% have 4 or more chronic diseases**
– 6% of these households are without a car**
– 24% Are veterans**
Current Estimated Monthly Costs:
$ 581. Rent
$ 190. Food and dry goods
$ 134. Minimum Medicare cost
$ 123. Electric
$ 40. Water and Sewer
$ 30. Phone
$1098. total above costs
$1152 (avg SS check) – $1098 (costs) = leaves $54. per month for tithing, medical, dental, eyeglasses, clothing, gasoline, transportation, repairs, cable tv, entertainment, etc.
Source:Author
*Sperling’s Best Places, Portland Oregon. bestplaces.net/people/county/tennessee/roane, People Stats, Housing Stats, https://www.bestplaces.net/ All rights reserved.
** TN Commission on Aging and Disability, The State of Aging in TN, A County by County Snapshot (2019) www.tn.aging@tn.gov/aging All rights reserved.
*** Harvard Joint Center for Housing Studies, Housing America’s Older Adults, 2018, www.jchs.harvard.edu All rights reserved.
****Electricity Local, Local Electricity Rates & Statistics, https://www.electricitylocal.com/states/tennessee/harriman/ Copyright 2020 Electricity Local, All rights reserved.
***** The Motley Fool, Americans’ Average Social Security at age 62, 66, and 70, https://www.fool.com/retirement/2017/07/30/americans-average-social-security-at-age-62-66-and.aspx Copyright 1995-2020 The Motley Fool. All rights reserved.
