RAPIDLY GROWING SENIOR POPULATION FACING HOUSING CRISIS

Over the next 20 years the number of individuals aged 65 and above will increase significantly. The US Census estimates that the population will increase by more than 30 million by 2035 to reach 79 million. Those 80 years of age and older alone will double between 2015 and 2035 from 12 million to 24 million. Overall, the age distribution of the population will shift so that by 2035, one in five people will be aged 65 and over, up from one in seven today. That translates to one in three households being head by someone aged 65 and over, up from one in seven.

A new report released by the Joint Center for Housing Studies of Harvard University suggests that the aging population has a desire to remain in their house but the current housing market and infrastructure is not ready for a boom in at-home seniors. In order for this to become a reality, the study suggests “the nation needs more housing options for older adults, home accessibility features to support the millions projected to have mobility-related disabilities, and affordable units and financial supports for those with minimal resources in their retirement years.” The executive summary is available here.