This week the Harvard Joint Center for Housing Studies (JCHS) released its report highlighting that in about 20 years, 20% of people in the U.S. will be aged 65 or older. About 7.6 million seniors in this age group will qualify for federal rental subsidies. Currently, the vast majority of residents that qualify (64%) do not receive these benefits.
Most of today’s housing stock fails to meet the needs of these baby boomers (seniors often need single-story home design, wide hallways, lever-style door handles, etc.). After retirement, their lack of savings and declining incomes will make it difficult to afford these modifications to their homes.
There is mounting need to diversify the housing stock within communities to meets the needs of these residents so they can continue to live in town. Failing to address this growing need will leave millions of older adults without affordable, accessible homes and may make them more vulnerability to instability.
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