Growing Number of Older Americans Face Housing Accessibility Crisis

A study by Harvard researchers warns that unless there is a significant increase in the supply of affordable housing for older adults, a growing number of them will experience housing insecurity in the next decade. By 2040, the number of households headed by someone aged 80 or older is expected to reach 17 million. The report highlights the challenges faced by older adults with low and fixed incomes, who will struggle to afford housing and necessary healthcare. The widening income inequality in the country will exacerbate the situation, particularly for those who have faced a lifetime of disadvantage. The report also reveals that a high number of older adults are burdened by housing costs, with many holding onto mortgage debt as they age. The combination of high housing costs and lower incomes is pushing more older adults into homelessness.