How will the baby boomers, soon to expand the ranks of ‘older Americans’, affect the housing industry?
A new report recently released by the Center for Housing Policy, Housing an Aging Population – Are We Prepared?, takes a look at how this changing demographic will impact the need for housing and what the challenges are in providing affordable housing for older adults of all income levels.
The report suggests that future housing policies will need to address not only the expansion of the demographic but that most older adults, more than younger adults, face housing affordability concerns. Housing cost burdens along with cost of living expenses will create severe financial constraints. Limited financial resources will also reduce housing options when health care must also be considered.
The report further outlines trends and policy ideas for the aging population and speaks to the specific issues that will soon affect us all.
If you or someone you know is now facing the need to downsize in order to make plans for these future challenges, I have the experience in this area. For more information, contact me.