Housing and Care for Millions of Older Adults: U.S. Faces Preparedness Challenge
The United States is currently facing a significant demographic shift, with the population aged 65 and over experiencing a dramatic increase of 34 percent over the last decade, growing from 43 million in 2012 to 58 million in 2022. This trend is set to continue, with the most rapid growth expected among those over 80 – a group that typically requires more accessible housing and in-home services and support. However, the U.S. is alarmingly unprepared to provide adequate housing and care for this burgeoning segment of the population, as revealed in the new “Housing America’s Older Adults 2023” report.
The Dual Challenge of Housing and Services in Later Life
Older adults, many of whom have fixed or declining incomes, are increasingly confronted with the dual challenges of finding affordable housing and accessing necessary services to remain in their preferred homes. In 2021, a record number of nearly 11.2 million older adults were cost-burdened, spending over 30 percent of their income on housing. This issue is particularly acute among renters, homeowners with mortgages, and those aged 80 and over. Furthermore, accessible housing is scarce in the U.S., with less than 4 percent of homes featuring key elements like single-floor living, no-step entries, and wide hallways and doorways.
The Cost of Long-Term Care Is Out of Reach for Most Older Adults
Long-term care (LTC) services, essential for many older adults, come with steep costs, averaging over $100 per day nationwide. The majority of older adults will require these services at some point, and those with very low incomes, who are most in need, often lack the resources to afford them. When combined with housing costs, only a small fraction of single individuals aged 75 and over can afford daily visits from paid caregivers or the option of moving to assisted living facilities.
Government Assistance Is Insufficient to Meet the Growing Need
While government-funded rental assistance is vital for older adults with very low incomes, the demand far exceeds the supply. With homelessness among older adults on the rise, this assistance is more crucial than ever. Additionally, those with slightly higher incomes often struggle to qualify for aid, leaving many unable to afford assisted living costs.
Renters and Homeowners of Color Face Steeper Burdens
The situation is further complicated by wealth and income disparities. Older renters possess only a fraction of the net wealth of older homeowners. Among homeowners, racial disparities are stark; older Black homeowners have the lowest housing equity, significantly less than their white, Hispanic, and Asian counterparts.
In summary, the U.S. is at a critical juncture with its aging population. The increasing number of older adults, coupled with widening economic inequalities, poses a substantial challenge in providing adequate housing and care. The “Housing America’s Older Adults 2023” report underscores the urgent need for comprehensive strategies and solutions to address these issues, ensuring that older Americans have access to the housing and care they need and deserve.
