The Housing Crisis for Boomers
Having a roof over your head is something that shouldn’t be a worry for anyone, especially older Americans. The United States is the largest economy on the planet, an economic superpower that constitutes almost a quarter of the global economy, but that doesn’t mean everyone is doing well. It is amazing to think that in this great nation many Boomers could be in financial trouble.
Studies show over the next 20 years the number of all U.S. households age 65 and over, will jump a huge amount, from 26 percent in 2018 to 34 percent in 2038. Households in the 80 plus bracket will grow even faster going from a shade over 8 million in 2018 to 12 million in 2028. Give it another decade and households age 80 and over will total 17.5 million people, accounting for 12 percent of all households in the country.
As we get older, our living patterns change as well. When we are younger, we might leave home and get a roommate. As we reach certain milestones, most don’t live alone but have families and other concerns. However, as we get older, the chance of living alone rises exponentially. 57 percent of adults in their 80s and beyond live alone.
Research shows that many who live alone have higher disability rates and lower incomes than folks who are the same age but are in a relationship or couple. As the number of single-person households who are older and need more support increases, so does the demand for affordable housing that includes some sort of amenities or services that help to take care of them.
Getting older is a scary prospect, and having to do it alone is not fun either, but the reality is that many from the Boomer generation are going to need a place to call home and some sort of system in place to make sure they are taken care of. Research by the University of Chicago, Harvard Medical School, and the University of Maryland School of Medicine revealed that by 2029, over half of the seniors in the country won’t be able to pay for senior housing at today’s market rates.
Making sure you have your finances in order so that you are able to have a roof over your head in the future may sound like a basic idea, but the stark reality is that if you don’t, you could be one of the millions struggling to keep your head above water with no place to go and no support.
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