Young people face a unique set of obstacles when it comes to housing, with record-high home prices and rents and rising mortgage rates. A new report highlights the very different set of challenges facing America’s aging population.
A new report by the Harvard Joint Center for Housing Studies warns that the U.S. is not prepared to provide housing and care for this growing population. And it is growing quickly.
Census data show the number of people 65 and older rose by 34% in the last decade, from 43 million in 2012 to 58 million in 2022. According to the report, the next decade will see a surge in the population that’s 80 years old or older.
Seniors who are renting are seeing their monthly costs rise each year. In 2021, more than 11 million seniors were considered cost-burdened, spending more than 30% of their income on housing.
Even seniors who own their homes may find that their homes are not suitable as they age. The study found that fewer than 4% of U.S. homes offered the three key features of accessible housing – single-floor living, no-step entries, and wide hallways and doorways.
Modifications, large and small
Absent a major effort to build more senior housing, Americans who want to age in place might have to move or make modifications to their present homes to make them safer.
According to Eldercare Locator, a website funded by the U.S. Administration on Aging, home improvements, modifications, and repairs can help older adults maintain their independence and prevent accidents. Work can range from simple changes, like replacing doorknobs with pull handles, to major structural projects such as installing a wheelchair ramp.
One of the simplest and most inexpensive modifications is the installation of grab bars in bathrooms, to prevent falls. Toward the high end of the scale is making structural changes. For example, enlarging a bathroom and installing a walk-tub or shower could make bathrooms even safer and more functional.
Financial assistance
Financial assistance may be available to make some of these modifications.
Modification and repair funds provided by the Older Americans Act are distributed by Area Agencies on Aging (AAA).
Rebuilding Together, Inc., a national volunteer organization, is able to assist some low-income seniors through its local affiliates.
Local energy and social service departments can assist through the U.S. Department of Energy’s Low-Income Home Energy Assistance Program (LIHEAP) and Weatherization Assistance Program (WAP). You can also search for state-specific tax credits, rebates, and savings at https://energy.gov/savings.
Many cities and towns make grant funds available through their local departments of community development.
Lenders may offer home equity conversion mortgages or reverse mortgages that allow homeowners to utilize home equity to pay for improvements. Learn more by visiting https://www.ncoa.org/economic-security/home-equity/.
Search for additional resources in your state by visiting www.Homemods.org.
The ConsumerAffairs research team has compiled a helpful guide with information and resources for aging in place.
Photo Credit: Consumer Affairs News Department Images
Posted: 2023-12-07 11:33:15