From floridarealtors.org
The nation’s housing inventory won’t meet the needs of an increasingly older population through the next two decades, according to a report released by the Harvard Joint Center for Housing Studies.
With more than one in five people in the U.S. expected to be 65 or older — one in three households will be headed by someone in that age group by 2035 — the population growth of older adults is increasing the need for a greater inventory of affordable and accessible housing, stresses the report,
“The housing implications of this surge in the older adult population are many and call for innovative approaches to respond to the growing need for housing that is affordable, accessible and linked to supportive services that will grow exponentially over the next two decades,” says Chris Herbert, managing director of the Harvard center.
As the baby boomer generation ages, the U.S. population aged 65 and over is forecast to increase from 48 million to 79 million.
The number of households headed by someone over the age of 65 is expected to rise by 66 percent to nearly 50 million, according to the report.
That growth is expected to increase demand for housing that boasts universal design features, like zero-step entrances, single-floor living and wide halls and doorways.
Currently, only 3.5 percent of homes offer those three features.
Low-income renters may be particularly vulnerable as they age, according to the report. By 2035, about 8.6 million renters will be paying more than half their income for housing.
By that time, an estimated 7.6 million older adults will have incomes that likely qualify them for federal rent subsidies — a 90 percent increase from 2013, according to the report.
“Right now, more than 19 million older adults live in unaffordable or inadequate housing, and that problem will only grow worse in the next two decades as our population ages,” says Lisa Marsh Ryerson, president of AARP Foundation, which provided funding for the report.