The older population in the U.S. is in the midst of unprecedented growth, but the country isn’t prepared to meet the housing of this aging group, according to a report released today by the Harvard Joint Center for Housing Studies and the AARP Foundation.
The study said the number of adults aged 50 and older is expected to surge to 133 million by 2030, up more than 70 percent since 2000.
“But housing that is affordable, physically accessible, well-located, and coordinated with supports and services is in too short supply,” it said.
Housing is critical to quality of life for people of all ages, but especially for older adults, the report said.
High housing costs currently force a third of adults 50 and older, including 37 percent of those 80 and older, to pay more than 30 percent of their income for homes that may or may not fit their needs, forcing them to cut back on food, health care, and, for those 50-64, retirement savings, researchers said.
“Recognizing the implications of this profound demographic shift and taking immediate steps to address these issues is vital to our national standard of living,” said Chris Herbert, acting managing director of the Harvard center. “While it is ultimately up to individuals and their families to plan for future housing needs, it is also incumbent upon policy makers at all levels of government to see that affordable, appropriate housing, as well as supports for long-term aging in the community, are available for older adults across the income spectrum.”
Read the report here.