You may have noticed that I sometimes focus on society’s failings and how it relates to housing more than the typically optimistic real estate broker. My background as a journalist – more than 25 years in the business before turning to real estate – keeps me curious and looking for possible solutions to our nation’s shortcomings.
That is the case this month with a closer examination of our aging population.
More people today are over the age of 65 than under 15. By 2035, the U.S. Census projects the population of 80+ Americans will grow to nearly 24M, double from 2016. Many of these older adults will live alone on limited incomes, and many will have mobility and other health challenges.
People 65 and older were the only age group in the country that experienced an increase in the poverty rate last year, from 9.5% in 2020 to 10.7%, according to U.S. Census research. The issue is probably worse since the research factored in services aimed at helping low-income households who are not included in the government’s official poverty rate.
The demand for affordable, accessible housing, in-home services and neighborhood support systems will no doubt soar – even while we arguably fall short of meeting the needs of today’s seniors. The multi-pronged issue will likely only worsen (says the former journalist’s voice wearing the real estate hat!).
I found some suggestions on how to address the matter from Harvard researchers who have been examining the question of aging in place. Here are the top four challenges they identified and possible actions:
- There is enormous unmet need for affordable rental housing for older adults. More than 10M households headed by someone 65 and over are cost burdened, defined as paying more than a third of their income on housing; half of these pay more than 50% on housing. Only 36% of income-eligible older adults receive federal housing assistance and trends point to greater demand for support in the coming years. Expanding rental assistance can provide needed stability to these households while helping to address our growing homelessness crisis among older adults.
- Little of the nation’s housing stock offers the most basic of accessibility features. Analysis conducted by Harvard shows less than 4% of homes offer a no-step entry, single-floor living and doors and hallways wide enough to accommodate a wheelchair. Older people are also most likely to report difficulties navigating and using different parts of their homes. Support is needed for renters and property owners, as well as older homeowners, to improve standards, make modifications and maintain housing in a safe condition.
- The need for assistance and services that support older adults with activities of daily living and household tasks is escalating. Service-enriched affordable housing has been shown to support independence – and help to cut healthcare costs – but need outstrips supply. Demand will grow for support of tomorrow’s middle-income older adults who typically cannot afford assisted-living settings.
- Harvard research shows that many older adults live in places that lack livability features, such as neighborhood services, transportation alternatives, safe streets and opportunities for engagement. These all contribute to well-being and can even combat isolation and loneliness.
As this nation rapidly ages, the issues are clear and obvious. Building or retrofitting homes for the needs of seniors, beefing up social services and making it affordable to remain independent longer are all logical solutions to ensure the oldest Americans have housing that provides a solid foundation for quality of life. Policies and processes need to take shape.
The time to act is now – but will it happen?