America Is Aging Into a Housing Crisis for Older Adults

By 2034, the Census Bureau projects that the US will be home to more people over 65 than people under 18. Finding safe and affordable housing for this fast-growing segment of the population is becoming an urgent task, according to a new report from Harvard University’s Joint Center for Housing Studies.

The number of 65-and-over residents who are considered cost-burdened reached record highs in 2021, while federal housing subsidies only reached 36.5% of older households who were eligible. Though the majority of older adults are homeowners, many are still paying off mortgages into old age, and there’s a growing share of renters in their 50s and early 60s. Long-term care expenses, both in-home and at facilities, are out of reach in many cities. Homelessness among older adults rose during the pandemic. And much of the US housing stock is itself aging, in need of upgrades and features for people to age in place safely.

Read more in Bloomberg.

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