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September 03, 2014

Aging Population Faces Housing Shortage

Rental Housing
Aging Population Faces Housing Shortage

The U.S. is unprepared to meet the housing needs of its aging population, concludes a new report by the Harvard Joint Center for Housing Studies and AARP Foundation. By 2030, the number of U.S. adults age 50 and older will grow to 132 million — up 70% compared with 2000.

According to Housing America's Older Adults—Meeting the Needs of An Aging Population, housing that is affordable, physically accessible, well-located, and coordinated with supports and services is in too short supply.

One of the reports many conclusions is that older homeowners are in a better position than older renters when they retire. The typical homeowner age 65 and over has enough wealth to cover the costs of in-home assistance for nearly nine years or assisted living for 6 and half years. The typical renter, however, can only afford two months of these supports.

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