Home and home-related costs are the biggest expense for people 50 and older, accounting for 40% to 45% of their household budgets, says a report out today from the non-profit Employee Benefit Research Institute.
In 2011, people ages 65 to 74 spent an average of $18,720 on home and home-related expenses; those 75 to 84 spent $14,732, says the analysis of about 5,000 households with folks 50 and over. Many are retired or on the cusp of retirement. The survey has tracked people every two years from 2001 to 2011.
Home-related expenses include mortgages, property taxes, homeowner's or renter's insurance, rent, utilities, home repairs, home furnishings, housecleaning supplies, housekeeping and laundry services, gardening and yard supplies, and gardening and yard services.