She pays her own utilities and therefore qualifies for energy assistance. B/c of the housing assistance reduces overall expenses she only gets the SNAP minimum of $14/month. If due to long waiting lists or income ineligibility an elder does not qualify for housing assistance, it is virtually impossible to achieve economic security – only 64%. In 2006, the Dept. of Community Affairs’ waiting list for vouchers along contained more than 10,000 households. According to the 2000 Census data - 130,000 renters in NJ were spending more than 50% of income on housing.
NJFuture Redevelopment Forum 13 Creative Housing Egan
Creative Housing Solutions for Changing Demographics Moderator: George Vallone – President The Hoboken Brownstone CompanyPanelists:Dave Fisher, PP - Vice President of Governmental Affairs, K.Hovnanian HomesRobert P. Antonicello - Executive Director,Jersey City Redevelopment AgencyGrace Egan - Executive Director,New Jersey Foundation for Aging
Basic NJ Senior Statistics• NJ Residents over age 60 2010 2015 2030 1,710,530 1,897,613 2,518,734• % Residents over age 60 2010 2015 2030 19% 20.5% 25.7%• NJ Residents over age 85 2010 2015 2030 198,835 219,957 290,911• % Residents over age 85 2010 2015 2030 2.2 2.4 3.0 Source: http://www.aoa.gov/AoARoot/Aging_Statistics/Profile/index.aspx ***** Only 5 % of NJ Seniors live in Institutional Settings
Goals of the Elder Index (EI)•To shift the dialogue from deprivation and poverty toeconomic security;•To determine how well public policies can help seniors fillincome gaps;•To evaluate the ability of income support programs to moveindividuals towards economic security. ~~~~~~~~~~~~~~~The Elder Index was developed by Wider Opportunities for Women, a nationalorganization. To learn about their work go to www.wowonline.orgThe NJ Foundation for Aging partnered with WOW in 2008 to bring this work to NJ.
Findings of the EI Research Social Security is the sole income for 25 % of NJ Elders. The Average Social Security in NJ benefit is $14,848 for a woman; $19,122 for a man. Average expenses for an single elder renter =$27,960. Average expenses for a elder renter couple =$38,208 Forty-two percent of all single elder and elder couples in NJ cannot cover their basic expenses.
Components of the Elder Index Housing=rent or mortgage, property taxes, utilities, etc. Food= basic meal plan Transportation= using a private car Healthcare= assumes good health, Medicare premium, Medi-gap policy and out of pocket costs Miscellaneous= other costs
NEW JERSEY STATEWIDE ELDER ECONOMIC SECURITY STANDARD INDEX, 2012 Report Elder Person (age 65+) Elder Couple (one age 65+) Owner Renter,Monthly and Yearly w/o Renter, one Owner w/ Owner w/o one Owner w/Expenses Mortgage bedroom mortgage Mortgage bedroom mortgageHousing $871 $1,091 $1,871 $871 $1,091 $1,871Food $243 $243 $243 $446 $446 $446Transportation $202 $202 $202 $313 $313 $313Health Care (GoodHealth) $442 $442 $442 $884 $884 $884Miscellaneous @ 20% $352 $352 $352 $503 $503 $503Index Per Month $2,110 $2,330 $3,110 $3,017 $3,237 $4,017Index Per Year $25,320 $27,960 $37,320 $36,204 $38,844 $48,204
Rise in Statewide 2012 costs compared to 2009 2009 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner Renter, Owner w/ Owner Renter, Owner w/ w/o one mortgage w/o one mortgage Mortgage bedroom Mortgage bedroom $23,452 $25,941 $33,570 $34,324 $36,813 $44,442 2012 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner Renter, Owner w/ Owner Renter, Owner w/ w/o one mortgage w/o one mortgage Mortgage bedroom Mortgage bedroom $25,320 $27,960 $37,320 $36,204 $38,844 $48,204 Percentage of Increase from 2009 to 2012 8% 8% 11% 5% 6% 8%
$10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $5,000 $0 c i n a l t A n g r e B r u B o t g n i l a C n e d m y M e p a CdnalrebmuC x e s E r t s e c u o l G n o s d u H r e t n u H o d c r e M x s e l d i MhtumnoM s i r o M Cost Comparison of Index Per Year c O n a e for a Single Elder Renter in the Counties a P c i s m e l a S t s r e m o S x e s u S o i n U n e r a W
Looking at the needs of Single Elder Woman Renter living on average annual Social Security of $14,848Elder woman receives the state average SS of $1237/mo and would be at 53% economic security. If she applies & receives the following it would bring her closer to 79% economic security. The only item that further closes the gap is affordable housing. * $14,848 is the average benefit, many elders receive less.• Food Assistance: SNAP/MoW/Nutri.sites/Farmer Mrt. Coupon• Rx Assistance: PAAD• Medical Assistance: Medicare Savings Prog. (SLMB/QMB)• Energy Assistance: HEA, Universal Service Fund, Lifeline• Property Tax Assistance: Property Tax Credit