Senior Housing Facing Affordability Crisis
Millions of older adults will struggle to find housing that is affordable and physically suits their needs, according to a new report by the Bipartisan Policy Center’s Senior Health and Housing Task Force, which outlines recommendations for states and legislators to help alleviate the lack of suitable senior housing.
In 2013, about 11.2 million "extremely low-income" renter households existed, which includes 2.6 million senior households with no children. Yet the former HUD secretaries note that only 4.3 million affordable and rental homes were available. The shortfall: 6.9 million homes.
What's more, the number of households aged 65 to 74 and 75 and older with "severe" rent burdens — which means they pay more than 50 percent of their income on housing — is expected to rise by 42 percent and 39 percent, respectively, by 2025, according to the Harvard Joint Center for Housing