As the American population ages, the availability of suitable housing has not progressed accordingly. According to a recent study by AARP, while most individuals prefer to remain in their homes and communities as they grow older, there is a significant doubt about whether their current living situations will support their future needs.
Rodney Harrell, AARP’s Vice President of Family, Home, and Community, points out a shift in demographic trends. “Historically, our housing development has catered to younger families. However, projections from the Census Bureau indicate that by 2034, for the first time, there will be more people over 65 than under 18. This demographic shift leaves many older Americans in a position where they must adapt to housing that doesn’t adequately meet their needs,” Harrell explains.
The 2024 Home and Community Preferences Survey, which gathered insights from over 3,000 American adults during the summer, reveals that three-quarters of the participants wish to stay in their own homes for as long as possible. This finding aligns with previous research.
Yet, half of the respondents are not confident that their communities will continue to cater to their needs as they age. Furthermore, 44% believe they might have to relocate in the future primarily due to affordability concerns. The study highlights that in 2021, 11.2 million older adults spent more than 30% of their income on housing, yet only 36.5% of those eligible received federal housing assistance.
Interestingly, 59% of survey participants over the age of 50 who doubt their community’s ability to meet their future needs expect to relocate. Nevertheless, 41% plan to stay regardless of their concerns.
Many Americans acknowledge the necessity of home modifications to facilitate aging in place. The survey indicates that while a majority foresee the need to adjust bathrooms (72%) and ensure easier access throughout their homes (71%), fewer anticipate having to move a bedroom or bathroom to the ground floor (30%) or enhance interior lighting (28%).
Technology also poses a hurdle, as identified by the survey. About two-thirds of respondents recognize the need for medical alert systems, and 44% see the benefit of smart security features for independent living. However, challenges with broadband access and affordability, particularly in rural areas, continue to be barriers.
Harrell advocates for a comprehensive approach to make aging in place a viable and fulfilling option for millions of Americans. “It requires an all hands on deck strategy,” he states.
In hopes of influencing policy, AARP supports several legislative measures. These include affordable housing initiatives such as the Housing Choice Voucher Program (Section 8) and the Low Income Housing Tax Credit. Additionally, AARP champions the development of accessory dwelling units, commonly referred to as “granny flats” or “in-law units.”
“I hope homeowners and renters will see this report and realize they are not alone,” Harrell remarked. “Many of us are facing these challenging decisions, whether it’s for ourselves or for our loved ones.”
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Passionate about analyzing economic markets, Alice M. Carter joined THE NORTHERN FORUM with a mission: to make financial concepts accessible to everyone. With over 10 years of experience in economic journalism, she specializes in global economic trends and US financial policies. She firmly believes that a better understanding of the economy is the key to a more informed future.