Not to mention: Most older Americans are broke. An apt in the city (think re-populated smaller, older cities, and large towns) is cheaper to heat and cool, convenient; so then a car and it's attendant expense is unnecessary.
If I am old and divorced i'd rather have neighbors across the hall than a house to maintain, even if I can afford it.
This is before the housing crisis -it is much worse now
What you see above and below is where the US stood in 2007. Again because this data is as close to 100% accurate as you can get.
Avg Net Worth Bottom 25%: $4,600
Avg Net Worth Next 25 – 50%: $21,700
Avg Net Worth Next 50 – 75%: $78,900
Avg Net Worth Next 75 – 90%: $242,800
Avg Net Worth Top 10%: $1,606,600
If I am old and divorced i'd rather have neighbors across the hall than a house to maintain, even if I can afford it.