Source: The NHP Foundation

The majority of working baby boomers ages 50 and over say they expect to delay retirement, according to a survey by The NHP Foundation, a nonprofit real estate corporation supporting affordable housing. The cost of housing may be one reason why.

Prospective retirees say their top three concerns are an inability to afford quality health care (36 percent); dependency on children (28 percent); and being forced to choose a living situation inferior to their preference (22 percent), according to the survey. Eighty-five percent of respondents say they would prefer to stay in their current home, but many may be forced to consider renting a room or seeking out more affordable housing options.

Older homeowners are carrying nearly double the mortgage debt than people their age a decade ago, according to data from the Consumer Financial Protection Bureau. The NHP Foundation speculates that this may be why a growing number of baby boomers plan to delay retirement. “With one in four in desperate need of affordable housing—equating to 2,500 new retirees every day—there needs to be a priority to create an adequate supply of affordable rental housing for boomers now and in the future,” says Richard Burns, president and CEO of The NHP Foundation.

Thirty-one percent of survey respondents say they have not prepared a retirement budget, and the majority have not budgeted for unforeseen health-related expenses. “There is a disconnect between baby boomers’ current financial status and where they perceive themselves in retirement,” Burns says. “This wishful thinking carries potential consequences that will likely have a large impact throughout all areas of the economy.”

Of an estimated 78 million baby boomers, about 10,000 reach retirement age each day, according to The NHP Foundation.