The number of Americans aged 65 and older will rise from its current level of 48 million to 79 million by 2035. One in every three U.S. households — a total of nearly 50 million — will be headed by someone who is 65 or older.
The Joint Center for Housing Studies of Harvard University released a report Tuesday that notes that the aging population will “increase demand for affordable, accessible housing that is well connected to services far beyond what supply can meet.”
Homeownership among older (65+) Americans is expected to soar from 24 million in 2015 to 32 million by 2025 and to 38 million by 2035, an overall increase of 62%. Homeowner households headed by someone aged 80 or older will more than double, from 7.8 million today to 16.2 million in 2035, and represent 11% of all U.S. households.
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Demand for rental housing is also expected to rise as renter households nearly double from 6 to 11 million in the next 20 years. Multigenerational households, with older people living with family members (primarily children) currently account for about 8% of all U.S. households with that share rising to 14% for people over the age of 80.
The number of older households with a disability of some kind will reach 76% (31.2 million) by 2035. Demand for accessible housing will rise to accommodate growing numbers of older Americans with mobility disabilities, self-care disabilities, and household activity disabilities.
The number of Americans who will be able to retain their pre-retirement lifestyle will drop from 43% currently to 39% in 2035.
The report suggests six actions to be taken now to help meet the housing needs of older adults:
- Increase accessible housing
- Assist older owners with housing cost burdens
- Increase subsidies to older renters
- Strengthen ties between health care and housing
- Increase public awareness
- Expand housing options
The executive summary and full report are available here.
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