Housing An Increasingly Older Population
By Kurt Real Estate Nov 23, 2019
In less than 20 years, one in three households in the US will be headed by someone 65 years of age or older. While this number may sound shocking, it is only expected to grow (RISMedia.com).
According to the report,Projections and Implications for Housing a Growing Population: Older Adults 2015-2035, the 65-year-and-older population is predicted to expand from 48 million to 79 million by 2035. With the constant increase in demand for housing, this leaves us wondering, how will the housing market support this exploding older population?
While much of this older population have the means to stay where they are and plan to remain in their current residences, in turn affecting demand, some cannot afford their living expenses. Currently, 19 million older adults live in unaffordable housing and need alternative options.
Thus, this surge calls for innovative approaches to both affordable housing as well as outfitting homes for the elderly. We’re going to need solutions that require collaboration between the housing industry and many others including policy makers and public, private, and philanthropic organizations.
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