Wanted: Affordable Housing for Seniors

Green Escrow Services senior housing

Make Room, a rental advocacy group, has recently issued a study noting that the senior population – ages 65 and older – rose 25 percent from 22.5 million to 28.1 million. More importantly the number of seniors paying more than half of their household income, before taxes, toward rent and utilities increased by an alarming 34 percent.

The study notes that many senior communities throughout the U.S. are at full capacity and some are even maintaining lengthy waiting lists.

Finally the study calls for more assistance in addressing the affordable housing needs of seniors and advocates tripling the $6.5 billion currently being spent on the tax credit program.

Seniors Moving to Urban Areas

Green Escrow | Real Estate News

A recent trend in senior housing is the idea of “walkable communities” where residents have easy access to city amenities. According to the US Census the over-65 population is expected to reach 54.8 million by 2020, up 36 percent from the start of the decade. Despite these statistics, the recent housing crash resulted in the senior housing market as being “virtually in crisis.” Studies show that move-ins slowed and occupancy rates sank, as seniors hung on to their homes while waiting for prices to rise. Moreover, the median age when people move to senior living centers has crept upward, to about 84 from the late 70s, driven by cost-consciousness, better health, and changing preferences, according to the report.

Clearly, the senior housing market is in flux and time will tell how it plays out.