Did you know that an important component of our rental housing mission includes meeting the needs of America's seniors? Baby Boomers, one of the largest generations in American history, are getting older. Just as they have shaped our economy, our culture and our housing market, Boomers are shaping seniors housing dramatically.
The United States Census Bureau confirms that in 2029, less than 12 years from now, all of American's Baby Boomers will be 65 years old or over. That will mean more than 20 percent of the total U.S. population will be over the age of 65. Moreover, Harvard's Joint Center for Housing Studies finds that by 2030, the population of adults aged 65-74 is expected to nearly double—from 21.7 million in 2010 to 38.6 million. The number of people aged 75-84 is projected to reach 30.1 million in 2040.
Seniors housing is critically important for a number of reasons. First, seniors often have fixed incomes, which makes affordable rental options all the more necessary. Second, seniors may have unique health care needs and require specialized facilities. And seniors are living longer, which means they may need housing for years—and even decades—into the future.
Freddie Mac is working to meet this dramatic need. We provide financing so specialized facilities can be built, improved and maintained. We focus on three major types of seniors housing: independent living, assisted living and memory care.
Have you ever lived in, or visited someone living in, seniors housing? The property below is an excellent example. It's an independent living facility in Albuquerque, New Mexico. Like many independent living facilities, it provides a safe, comfortable place to call home—and includes a number of amenities, flexible dining options, and activities. Importantly, live–in managers, housekeepers, and attendants are also on site.
This is one of seven properties we have financed with this particular owner/operator. Others are located in Texas, Nebraska, Missouri, Kansas, Ohio, and North Carolina. Altogether, these facilities serve a total of 882 independent living units, with an average size of each community of 126 units.
We're doing our part to increase the amount of seniors housing in the United States. Last year, Freddie Mac financed more seniors housing than ever before. We're working to keep up with that pace through the end of 2017 and beyond. We are committed to helping accommodate the rising demand of this very important market—to ensure our nation's seniors can age in comfort, dignity and happiness.
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