Posted on Wednesday, December 14, 2016 5:30 PM
The number of Americans 65 and older will surge within the next decade, resulting in huge demand for housing to accommodate those who wish to age in place.
By 2035, more than one in five people in the country will be 65 or older, according to a report released December 15 by the Harvard Joint Center for Housing Studies.
The report explained how the number of people 65 and older will increase from 48 million to 79 million.
“Researchers have estimated that nearly 70% of older adults will need some form of long-term care in later life, the majority provided in the home but including some time in a skilled nursing facility,” the report said. “In the future the focus of more intensive care may shift more toward the home, the home is already a vital site of long-term care delivery.”
The majority of older adults want to live at home as long as possible. However, 8.6 million people will be paying more than half their income for housing by 2035. Additionally, those who qualify for federal rental subsidies will increase by 90% from 2013 to 2035, the report found.
One requirement that older homeowners will demand to age in place will be universal design at an affordable price, the report says.
“There are a fair number of older adults who have the financial resources to keep up in retirement, but there are more adults with moderate to low funds,” Jen Molinsky, senior research associate at the Joint Center for Housing Studies and lead author of the report, told Home Health Care News.
Another opportunity the increase in older population will bring is the opportunity to reevaluate how and where care is delivered, Molinsky added.
The main struggle Americans are faced with is to stay at their homes and get the care needed, but they do not have the money to do so.
The 98-page report also discusses the following topics:
• How obesity, diabetes and arthritis could impact aging baby boomers
• The future of dementia for the aging population
• Trends in the numbers of households with disabilities
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