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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?
"Housing an Aging Population: Are We Prepared?" is a new report from the Center for Housing Policy that explores:
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 U.S. Census data, by 2050, 1-in-5 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.
"Given the sharp increase in the population of older adults cited in the report, it's essential that we focus now on strengthening the nation's policy response. HUD's Section 202 supportive housing for the elderly program has done a lot to fund housing for older adults and people with a disability, providing more than 400,000 homes over the last 50 years, but we need to act at a much larger scale to have a hope of meeting future need."
LeadingAge has been working to promote policies that would support services in subsidized housing, and has been made strides in helping to promote policymaker and regulator awareness of the challenges and opportunities. LeadingAge members are leading the way in demonstrating new models that can help to meet this need.
This report is based primarily on Center for Housing Policy tabulations of American Housing Survey (AHS) data from 2009. The tabulations use age of oldest member (not age of householder) to classify households into age groups; a 65+ household is one in which the age of the oldest household member is 65 or older.
To complement the AHS and provide a more complete picture of the housing challenges faced by older adults, additional data and analyses were used, including analyses by the U.S. Census Bureau's Population Division as well as data from the 2000 and 2010 Census, Current Population Survey from 2011, and Consumer Expenditure Survey from 2009. Complete sources can be found in the report's technical appendix. The Center for Housing Policy is the research affiliate of the National Housing Conference (NHC) and specializes in developing solutions through research. In partnership with NHC and its members, the center works to broaden understanding of the nation's housing challenges and to examine the impact of policies and programs developed to address these needs. As the United Voice for Housing, the nonprofit National Housing Conference (NHC) has been dedicated to helping ensure safe, decent and affordable housing for all in America since 1931.
LeadingAge is a member of the National Housing Conference.