As America is just starting to recover from the 2007-08 housing market crash, another crisis is already looming.
A new study conducted by the Harvard Joint Center for Housing Studies & AARP Foundation revealed that as majority of the U.S. population begins to age, housing will become a problem in the near future.
The study unveiled three key findings:
- Renting and home ownership is already high.
- Americans want to age in their own homes but are currently living in the wrong places, unsuited for old-adult needs.
- New homes aren't being built to meet the needs of older adults.
The study highlighted some major statistics too. You can see them in the infographic below:
The report also asserted that the senior population will have to deal with difficulties related to health, finances, and mobility if the current housing scenario isn't altered.
"You've got a scenario with the largest generation we've ever had moving into their senior years combined with the fact that longevity is increasing," Jonathan Smoke, chief economist at Realtor.com®, was quoted by the Realtor Mag.
"And we're fairly ill-prepared to address the housing needs and challenges of them," Smoke added.
According to Forbes, equipping a home with senior citizen-friendly amenities like ramps or stairlifts can be an expensive affair. The publication notes that only one percent of the new housing units in the U.S. boast of "universal design", which includes single-floor living, wide doorways and extra-spacious rooms, electrical controls, faucet-style handles and level doors.
So, is anyone doing anything about this housing problem? Apparently yes! The study claims that "there have been some interesting solutions percolating", and "more will come down the roads", according to Lisa Marsh Ryerson, president of AARP Foundation.
"With the right innovation and policy attention, this transition can be beneficial for the long-term health of the housing market," Smoke said in a separate statement.
