Is the serpentine belt something common that tends to go at this cars age?

the belts do if you get power steering fluid all over them! i just changed mine that was still in fairly good shape,no problems with it BUT,the belt had 80,000 miles on it,so i changed it,been carrying a new Goodyear Gatorback Belt around for 6 years under the seat just in case! Serpentine belts are designed to last 60,000 to 90,000 miles before replacement. Manufacturers recommend inspecting them every six months or at every oil change. This belt drives every accessory on the vehicle, and a break strands the vehicle..When inspecting the belt, owners should look for cracks or glazed spots on the ribbed side of the belt. Inspect the flat side of the belt for signs of oil leaks that cause the water pump to slip, affecting coolant circulation and indicating other engine problems. Belts begin to show cracks about halfway through their life. Once the distance between the cracks decreases to 1/8 inch or less, the belt requires replacement.

Belt is a 'wear' item , so yes , it IS normal. If you are tired of the car get rid of it! Otherwise get the leak properly diagnosed and then make an informed decision , based on whether it's a relatively cheap (less than $200.00) fix , or a major repair , like a rack (possibly over $2000.00). Things are not always as bad as they appear.