The Harvard Joint Center for Housing Studies (JCHS) recently released Housing America’s Older Adults 2019. The report reiterates the growing need for affordable housing for older adults across the United States.
The number of households headed by someone 65 years or older continues to rise, increasing from 27 million to 31 million between 2012 and 2017. Likewise, the number of housing cost burdened households above the age of 65 years also continues to rise, currently at an all-time high of 10 million.
Key findings in the report include:
- Homeownership rates for older adults are declining. Older adults today are entering retirement with lower homeownership rates than those older adults of the previous generation.
- The wealth gap between renters and owners is substantial. Homeowners are able to build equity in their home, making them more likely to have accumulated wealth than renters.
- More older adults are carrying mortgage debt and other types of debt than previous generations, with older Black and Hispanic households carrying the highest levels of debt.
- There has been an increase in older adults experiencing homelessness. The U.S. Department of Housing and Urban Development reports the number of individuals over the age of 50 years experiencing homelessness increased from 22.9% to 33.8% between 2007 and 2017.
- Older adults continue to need more subsidized housing opportunities, and this need will continue to grow.
Click here to learn read Housing America's Holder Adults 2019.
The report is an addendum to the 2019 State of the Nation’s Housing Report.