Americans can use cryptocurrencies to secure mortgages under new Trump administration
U.S. homebuyers will soon be able to use cryptocurrencies to secure mortgages under a new order from the Trump administration.
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Data shows that while purchasing a home is perceived as unaffordable for millions of Americans, so too is homeownership, especially among older adults.
According to housing research firm Regi Club, 54% of the nation’s 35 million homeowners without a mortgage are over the age of 65, making up just over a third of all homeowners in the United States. Of that population, approximately 64% own their home outright.
But data shows a record 12.5 million households, or more than a third of people aged 65 and over, may be experiencing ‘housing poverty’ or spending a disproportionately large proportion of their monthly income on housing costs. According to U.S. Census data, people will spend more than 30% of their income on housing in 2024, and half of them will spend more than 50%.
The government’s general rule of thumb is to spend no more than 30% of your gross income, including rent or mortgage payments, property taxes, insurance, and utilities, on housing to avoid cost burdens. Since 2019, elderly households account for about half of all households that have incurred new costs, according to Harvard University’s Joint Housing Research Center.
“This shows that housing affordability challenges persist into retirement age, and may be even more problematic for seniors on fixed incomes,” Kristin Healy, chief growth officer at senior living technology company Seniorly, said in the report.
“Even older adults who have done everything right are not safe,” she added. “For homeowners who have paid off their mortgage in full, median housing costs are still rising 35% since 2019, about 1.5 times faster than income growth.”
What is the cause of the housing shortage for the elderly?
Experts say all housing-related expenses have skyrocketed since the pandemic, outpacing the overall inflation rate of 28.67%, making it difficult for even seniors without mortgages to afford it.
For example, rents have increased 36.2% nationwide since the pandemic, according to a March report from real estate listing company Zillow, and median property taxes rose about 30% between 2019 and 2024, according to the nonprofit Tax Policy Center. According to price comparison site LendingTree, home insurance premiums rose 40.4% from 2019 to 2024. According to the Bureau of Labor Statistics, electricity prices rose 40% between 2020 and 2025.
“While these staggering increases have proven insurmountable for many Americans, no group has been more affected than older adults, especially those on fixed incomes,” Healy said. “Property taxes, utilities, and insurance are now eating away at savings, and unlike younger Americans, many older adults cannot simply pick up a second job or pay a higher salary to make up for it.”
Suffering varies geographically
An analysis by long-term care solutions company CareScout, which looked at the percentage of seniors nationwide who spend 30% of their income on things like housing, real estate taxes, home insurance, electricity and assisted living, found that seniors in some areas are being hit harder than others.
California has the highest cost burdens for seniors, while West Virginia has the lowest, helped by having the lowest property taxes in the nation ($881) and the lowest percentage of households facing high premiums (10.2% pay more than $2,000), CareScout said.
How can the elderly cope?
Steve Azouley, a certified financial consultant and owner of Azouley Financial, said preparing early is always the best way to avoid a housing crisis. He suggested:
- Think about what your income source will be to pay your expenses and how long it will last, even if there is some inflation each year.
- If applicable, consider the scenario if one spouse dies and how taxes, home insurance, and other expenses would be paid.
- Check out local property tax breaks and other benefits for seniors. More than 9 million eligible seniors are missing out on $58 billion in benefits, according to the National Council on Aging. Use NCOA’s benefits check tool to find out what you’re missing. For surviving spouses, there are also nonprofit organizations like Wings for Widows that help them navigate their new financial situation.
- Consider downsizing early and invest some of your money for income later. Up to $500,000 in capital gains can be excluded from the sale if a married couple who have lived in the home as their primary residence for some time file jointly. If the spouse dies, the exclusion is cut in half two years after death.
- By purchasing whole life insurance when you’re young, if your spouse dies, your surviving spouse can receive an immediate, tax-free lump sum, “which is not subject to stock market fluctuations and can come in handy when you need it,” he said. Part of the money can be used to pay expenses and the rest can be invested to generate income.
- If you can afford it, consider renting out rooms in your home to earn extra income.
- If you love your home and want to keep it, but you can’t afford the monthly home equity loan payments, consider a reverse mortgage. Reverse mortgages, which previously had a bad reputation for predatory lending practices, high upfront fees, and lack of consumer protections, are now more regulated.
- Reverse mortgages are guaranteed by the Federal Housing Administration as a standardized, government-backed loan option with defined guidelines and borrower protections. “You get money that you can use for income that’s paid to you every month,” Azouly said. “You still own your home and pay taxes, utilities, insurance, and upkeep, but now you have a little more money to spare. You have the option to stay in your home until you die, or sell your home and pay off your debt.”
Medora Lee is USA TODAY’s money, markets and personal finance reporter. Please contact us at mjlee@usatoday.com. Subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
