Can Social Security COLAs Help with the Rent Crisis?

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Can COLAs Help with Rising Rent?

There’s a rent crisis sweeping the U.S., and it’s not just young people who are being impacted.

Younger workers are in a position to raise their earnings and find a better dwelling. But for seniors who are at the end of their full-time stint in the workforce, they’re stuck in some sense of the term. This means if they can’t afford rent on their Social Security payment, they could be in trouble.

While it is possible to live solely off Social Security in some circumstances, it depends on the location. Especially in metropolitan areas, it’s tough even for middle class earners to afford a spacious dwelling. The challenge is only getting worse. Seniors need help — and options like rent controls and housing vouchers aren’t enough.

Yearly Social Security Cost-of-Living-Adjustments (COLAs) help seniors keep up with the rising rent costs. Learn about our efforts to make these raises a yearly tradition here — then follow us on Facebook and Twitter.