More older adults across the United States may suffer from housing insecurity in the next decade amid a shortage of affordable housing for people ages 65 and up, according to a new study.
In 97 metropolitan areas in the country, less than 1 in 5 adults aged 75 or older have enough money to pay for both housing and healthcare, according to a new report released Thursday by Harvard University's Joint Center for Housing Studies.
The study estimated that there will be 17 million low-income and fixed-income households headed by someone age 80 or older by 2040. Without enough help from the government and a lack of affordable housing options, many older heads of households may need to forgo healthcare or rely on their families for financial help. Others, especially those suffering serious health problems, may become homeless.
"With subsidies for housing and LTC services so scarce, an increasing number of older adults with very low incomes will have to forgo needed care or rely on family and friends for assistance, loved ones who will almost certainly bear their own financial and emotional costs in turn," Jennifer Molinsky, project director of the center's Housing an Aging Society Program, warned.
"The next decade is going to challenge millions of people to find adequate housing and supportive services that they need to stay in that house," she added.
Older Adults Are Spending a Third of Their Income on Housing
Apart from the threat of homelessness, the Harvard study also found that over 11 million adults aged 65 and older were cost-burdened, which means they spend more than a third of their income to pay for their mortgage or rent.
A significant share of older adults are also paying mortgage debt as they age. Specifically, 40% of homeowners aged 65 to 79 were paying off their mortgage as of 2022. That number goes down to a bit over 30% for homeowners aged 80 and older.
The report also noted that older people of color are more likely to be cost-burdened than older white households, especially Black and Latino households. Older people living alone are also 47% more likely to be cost-burdened than married couples.
