Report: Older Populations Face Housing Affordability Challenges
Posted under Resources on April 6, 2012
A new report from the Center for Housing Policy, Housing an Aging Population—Are We Prepared? finds that older adults are more likely than younger adults to have housing affordability challenges.
Key findings include:
- As the U.S. population ages, the share of the population with severe housing cost burdens will likely rise
- As the overall population ages, the numbers of the most vulnerable will grow as well
- Even some older homeowners without mortgages face serious housing challenges
- An older population with health issues will drive demand for modified housing and housing with supportive services.
- Existing and emerging policies can help older adults continue to live in their own homes as they age.
- Equally important are policies to expand housing choices for older adults.
From the Center for Housing Policy
That baby boomers are swelling the ranks of older Americans is well-documented, but do we really understand the consequences of this important shift for the housing needs of older adults? A new report from the Center for Housing Policy, Housing an Aging Population—Are We Prepared?, explores the effects of this coming demographic change on the demand for housing, the challenge of providing meaningful housing choices for older adults of all incomes, and the policies that could help communities across the country respond to the dual challenges of providing older adults with affordable housing and adequate services.
The U.S. 65-and-older population will more than double by 2050 to nearly 90 million, growing at a rate far faster than any other age group. According to Census data, by 2050, one in five Americans will be over the age of 65. Some estimates put the figure even higher.
Housing an Aging Population – Are We Prepared? finds that older adults are more likely than younger adults to have housing affordability challenges. As a result, the aging of the population is likely to increase the overall proportion of the country with severe housing cost burdens. The report also finds that many older adults lack access to affordable services that could help them age in place. Similarly, older adults with low- and moderate incomes often lack access to meaningful housing choices – for example, to move into a multifamily development that would provide services an 85-year-old might need to continue living independently and avoid costly nursing care. The report further covers trends affecting older adults in terms of demand, housing costs, finances, location and housing type, offering recommendations on existing policies that may help to address the coming crisis.
Read more here.