Older households are reportedly carrying in more mortgage debt into retirement than their younger counterparts, according to a latest Census Bureau report.

The number of senior citizens retiring with mortgage debts has risen considerably. For people aged beween 65 to 69 years, the share has gone up by 33 percent from the figures of 2000; while that of people aged between 70 to 74 ears, has increased 65 percent.

The report also found that the median debt for people aged between 65 and 69 years increased by 46 percent between 2000 and 2005 and went up another 8 percent in the consecutive six years. The figure went up 18 and 33 percent respectively in the aforementioned time periods for 70 to 74-year-olds.

"Growing mortgage debt among the elderly is troubling. Declining income later in life is inevitable for most households. With mortgage payments a continuing part of the monthly household budget, in addition to real estate taxes and the expense of home repairs, many elderly with high housing cost burdens will need to postpone retirement or spend less on other needs like food or health care," George Masnick, senior research fellow at the Harvard Joint Center for Housing Studies, wrote in an official blog, according to the Realtor Mag.

"Fewer will be able to draw on wealth accumulated through growth in home equity to help pay the bills late in life. Some will let their homes fall into disrepair or will be forced to sell their homes when they would prefer to age in place. This is a trend worth our continuing attention and concern," Masnick added.

This is the latest report to chronicle the growing problem of the older generation. In the United States, about 27 percent of the population will reach 60 years or cross it by 2050 and because the cohort happens to be a huge chunk of the age demographic, these trends could have a significant effect on the housing market and the economy.

A recent study conducted by The Demand Institute, a think tank operated jointly by The Conference Board and Nielsen, also found that more Baby Boomers were retiring with mortgage debt. But this study took a different stance on the issue posing a single most frequently asked question: should you pay off your mortgage before retirement?

While some experts leave the ball in the retiring person's court, others suggest it better to pay it off.

"Ideally, I'd like to see the last payment coincide with the date you retire. A fair number, 50 percent of our retirees, achieve that. But, as life unfolds, sometimes people have to take a home equity line, or help a child with a down payment on a house, medical issues, and sometimes they arrive at or near retirement with a mortgage," Jeff Warnkin, financial adviser at JL Smith Group explained, according to The Coloradoan.

A separate study conducted by the Harvard Joint Center for Housing Studies & AARP Foundation revealed that as majority of the U.S. population begins to age, housing will become a problem in the future.

The report also asserted that the senior population will have to deal with difficulties related to health, finances, and mobility if the current housing scenario isn't altered.

Take a look at the top most ageing areas of the United States here.