There’s a huge disparity between the types of homes older Americans will need over the next 20 years and their availability and affordability, according to a Harvard Joint Center for Housing Studies report.
During that time period, the 65+ population is expected to grow from 48 million to 79 million. But for many, their homes will be physically unsuitable and financially precarious. Only 3.5 percent of today’s housing has three key features of “universal design” (zero-step entrances, single-floor living and wide halls and doorways). What’s more, nearly 6.4 million low-income renters will pay more than 30 percent of their income for housing by 2035.
“The Harvard study was a scary forecast. The senior sector will be one of the hardest hit for affordability. The most important thing we can do is find affordable housing for older Americans and contemplate layout and design to accommodate the older population,” said Lukas Krause, the Salt Lake City-based CEO of Real Property Management, the largest property management franchise in the nation.”