Without enough government help, many older adults in the US will have to forgo necessary care or rely on their families and friends for assistance, warns a recent study by the Housing an Aging Society Program. The study, which reveals the country’s ill-preparedness to ensure housing for the growing number of older individuals, highlights the need for more governmental assistance to support the surge of baby boomers born after World War II.
According to the report, federal housing assistance programs, such as Section 8 or Section 202, only met the needs of slightly over a third of the eligible 5.9 million renters aged 62 and over in 2021. This leaves the majority of older Americans without sufficient support to secure affordable and appropriate housing.
To address this issue, the report suggests the implementation of creative ideas such as house or apartment sharing to reduce costs, opting for accessory dwelling units (ADUs) like casitas and granny flats, and considering cohousing communities where individual homes are built around a communal space.
Over the next decade, the US is projected to witness a significant increase of 45% in its population aged over 75, rising from 17 million to nearly 25 million. However, many of these individuals are expected to face financial struggles. The report reveals that in 2021, almost 11.2 million older adults were cost burdened, spending more than 30% of their income on housing.
Regions popular for retirement, such as Las Vegas, San Diego, Raleigh, Miami, and Daytona Beach, have among the highest rates of cost burden for renters aged 65 and older.
Homeownership does not exempt older individuals from housing challenges either. The report highlights a rising trend of mortgage debt among older adults, with median mortgage debt for homeowners aged 65 to 79 increasing by over 400% from $21,000 in 1989 to $110,000 in 2022. A significant factor contributing to this increase is the need for cash to cover basic needs and care.
Furthermore, the report sheds light on the difficulties many older adults face in accessing necessary services as they age. The average cost of long-term care exceeds $100 per day, posing a significant financial burden for seniors on fixed or dwindling incomes.
The study also reveals that older people of color experience higher rates of cost burden compared to their white counterparts. This disparity is particularly prevalent among Black and Latino households. Additionally, older individuals living alone are more likely to experience cost burden than married or partnered couples, further exacerbating their financial challenges.
The human repercussions of the housing crisis among older Americans are evident, with many facing the harsh reality of homelessness. Angelita Saldaña, a 56-year-old woman in Phoenix, found herself homeless after her marriage ended. With a monthly disability check of $941, she struggles to afford even a studio apartment in an area where average rents start at around $1,200.
The report emphasizes the urgent need for solutions that cater to the specific needs of aging individuals. Central Arizona Shelter Services CEO, Lisa Glow, highlights the importance of shelters designed with older adults in mind, incorporating features like more space, limited stairs, and wider doorways for wheelchair accessibility.
In light of the challenges faced by older individuals across the country, it is crucial for the government to take immediate action. Increasing funding for housing assistance programs and implementing innovative housing solutions can help ensure a better future for the growing number of older Americans. By addressing the housing crisis, the nation can provide older adults with the support they need to age comfortably and maintain their dignity.
