Most adults in the U.S. age 55 and older have a healthy financial situation and are confident about their future. However, financial situations differ greatly for renters and by race.

In a 2021 survey, Freddie Mac sought to track the attitudes and perceptions of U.S. adults age 55 years and older in several key areas, including their likelihood to age in place. Although the financial situation is generally positive for this population, the survey results underscore existing inequalities.

Overall, for all adults age 55 years and older, our survey showed:

  • 72% have enough money to last beyond each payday.
  • 74% are confident they will have a financially comfortable retirement.
  • 80% plan to leave property or money to their family.

Among renters and non-White respondents, however, the long-term outlook is less encouraging.

Inequalities Between Homeowners and Renters

Homeowners are more financially sound — and better positioned to transfer wealth — than renters, according to the survey.

Differences in day-to-day finances: 79% of homeowners report having enough money to last beyond each payday, while 59% of renters report living payday to payday.

Differences in retirement outlook: 81% of homeowners are confident they will have a financially comfortable retirement, whereas 20% of renters — who have not yet retired — believe they will never be able to retire.

Differences in their position to transfer wealth:

  • 56% of homeowning parents are financially able to provide money for a child’s down payment, compared to 17% of renting parents.
  • 21% of homeowning parents have already provided a child with money for a down payment, compared to 6% of renting parents.

Inequalities also exist by race.

Inequalities by Race and Ethnicity

In the past five years, adults age 55 years and older have all improved their financial standing, according to the survey. However, Black and Hispanic adults still trail White populations.

Percent Who Have Enough Extra Money to Go Beyond Each Payday

Race Percentage
White 78% (+8% from 2016)
Black 63% (+11%)
Hispanic 51% (+10%)


Percent Who Are Very Confident They Will Have a Financially Comfortable Retirement

Race Percentage
White 39% (+26% from 2016)
Black 21% (-1%)
Hispanic 23% (+4%)


These numbers are amplified by the differences in homeownership rates between White, Black and Hispanic adults. One of the benefits of homeownership is the ability to build wealth over time, but it’s also a space these adults can comfortably control while they age.

Black homeowners (51%) are more likely than Whites (38%) and Hispanics (37%) to stress the importance of homeownership in building generational wealth. Highlighting the inequalities, however, Black adults (30%) are significantly more likely than White (16%) and Hispanic adults (18%) to believe that not everyone has access to safe and affordable housing. Black adults are also less likely than White adults to own a home.

Interested in more consumer research? Gain insights into the housing market from surveys of homebuyers, homeowners and renters in Freddie Mac Consumer Research.

Opinions, estimates, forecasts, and other views contained in this document are those of Freddie Mac’s economists and other researchers, do not necessarily represent the views of Freddie Mac or its management, and should not be construed as indicating Freddie Mac’s business prospects or expected results. Although the authors attempt to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. ©2024 by Freddie Mac.