U.S. May Not Be Able to House Booming Senior Population

As the largest generation in U.S. history approaches senior adulthood, the country is ill-prepared to meet the senior population’s needs, according to a new report from Harvard University’s Joint Center for Housing Studies.

The report, which was released in Washington, D.C., this week, cited “immense” challenges facing the nation and individual adults in the senior population.

The 50-plus age group is already huge, making up over a third of the U.S. population, and it varies immensely in wealth and income, health circumstances, family and social networks, and housing preferences.

Yet as people age, these differences diminish, the report noted.

Difficulties with health, mobility and finances will challenge almost every adult in relation to their housing situation, the housing study stated. Maintaining quality of life for the senior population by creating safe, accessible and affordable housing will require investment and foresight.

“Longer life expectancies and the aging of the Baby Boomer generation are combining to create new challenges for housing just as the industry is starting to recover,” said realtor.com® Chief Economist Jonathan Smoke.

“Ironically, the recovery itself creates additional problems, most notably declining affordability and the burden that rising rents and home prices place on seniors with limited and declining incomes,” he added.

These were the key points of the Harvard report:

High housing costs force growing numbers of low-income older adults to reduce their spending on critical necessities such as food and health care.

Much of the current housing stock lacks the basic accessibility features that can make the difference between independent and institutional living for individuals with disabilities.

The country’s transportation and pedestrian infrastructure is generally unsuited to those who cannot or choose not to drive, leaving many older adults at risk of isolation.

Disconnects between housing and the health care system make it difficult for those with disabilities or long-term care needs to remain in their homes.

“The sheer numbers are daunting,” Smoke noted. “One of the most challenging and complex issues to address will be tackling affordability and the burdens seniors face to pay for adequate housing.”

But a crisis can be avoided, he added, by creating new models for housing, services, construction and technologies. Such innovations will create long-term benefits for the economy.

“With the right innovation and policy attention, this transition can be beneficial for the long-term health of the housing market,” Smoke said. “Addressing the challenges should result in investments in new construction, renovations to existing housing, increased housing turnover, provision of more affordable housing alternatives, and improvements in the infrastructure that will benefit all ages.”

This story originally appeared on SeniorHousingNet.com.