Study: Housing industry isn’t prepared to accommodate flux of older adults in coming years

The U.S. population aged 65 and older is expected to rise from 48 million to 79 million, and the Harvard Joint Center for Housing Studies said the housing industry is not ready.

The study found that by 2035, there will be 14.6 million older owner and 5.1 million older renter households than there are now. Those 80 and older will grow the most rapidly.  “Projections and Implications for Housing a Growing Population: Older Adults 2015-2035” found that there are not enough households, both owned and rentals, that are able to accommodate older adults, especially those with disabilities.

The majority of older households (70 percent) live in a single-family home. Multi-family buildings are also popular (20 percent), mostly among renters. Units in large multi-family buildings are more likely to be accessible, making them ideal for those with low mobility. The three accessible features most “critical” are zero-step entrances, single-floor living and extra-wide hallways and doors. “Housing built according to these principles can be a solid investment that ultimately serves a wide range of the population,” the report said.

However, that is not always an affordable option for lower- to middle-income older homeowners. Additionally, 49 percent of older adults live in low-density or rural areas. This can be problematic, as some adults give up driving as they age. Low-density and rural areas tend to not have as many options for public transportation.

One trend, “active-adult communities,” is on the rise. Between 2009 and 2015, 4 percent (217,000) of all single-family and multi-family housing units built were in age-restricted developments. Another growing trend is senior-only apartments, in which assistance is offered at varying levels.

Overall, the housing industry can prepare for more older adult owners and renters by accommodating their needs better, the report suggested.