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Aging baby boomers face housing challenges Aging baby boomers face housing challenges https://www.recenter.tamu.edu/news/newstalk-texas/?Item=233042019-10-18T05:00:00Z2019-10-18T14:00:00Z

​​CAMBRIDGE, Mass. – As the oldest members of the baby boomer generation turn 73 this year, agents must be thoughtful about the elderly when providing services, says RISMedia. 

According to the Joint Center for Housing Studies of Harvard University's Housing America’s Older Adults 2019 report,​ the number of households headed by individuals over age 65 increased from 27 million to 31 million between 2012 and 2017.

The number of households aged 75-79 will go up by 49 percent in the next ten years. By 2038, that number will increase by another 20 percent.  

Around 35 million retirement-aged individuals lived either alone or with a spouse or partner in 2017. Those in their 80s and older make up 57 percent of elderly homeowners who live on their own. 

This increase in a population that brings in lower incomes than couples, as well as higher disability rates, puts added stress on the market for affordable housing, especially units that offer supportive amenities.

In 2011, only 3.5 percent of all U.S. homes had accessibility features such as grab bars or handrails in the bathroom, extra-wide hallways and doors, and a bedroom on the main level.

In 2017, 10 percent of individuals aged 65-79 and 14 percent aged 80 and older took on at least one home renovation project to help with accessibility issues. But for much of the population, there’s simply not enough money for that, RISMedia commented.

The number of cost-burdened individuals over the age of 65 is rising. From 2016 to 2017, the number of cost-burdened individuals​ 65 or older increased by over 200,000 to almost ten million. Increased debt levels are putting pressure on dwindling retirement funds. 

In 2016, 46 percent of homeowners between the ages of 65 and 79 carried mortgage debt with a median balance of $77,000. Three decades ago, only 24 percent of homeowners in that age range still had mortgage debt.

texaslogo.pngThe Real Estate Center has more information on housing:​
RISMedia, Inc.
U.S.
Housing
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