Market Trends

Short List

Aging in Place

America’s older population is in the midst of unprecedented growth—the number of adults age 50 and older is expected to grow to 132 million by 2030, an increase of more than 70 percent since 2000—and the U.S. may not be prepared to house them. Housing that is “affordable, physically accessible, well-located, and coordinated with supports and services is in too short supply,” according to a recent study by the Harvard Joint Center for Housing Studies and the AARP Foundation.

The report contends that more than one-third of adults 50 and older spend more than 30 percent of their income on housing, deeming it unaffordable, and forcing them to cut back on food, health care and sometimes retirement savings. That housing then may or may not fit their needs as they age: Much of the nation’s housing inventory also lacks basic accessibility features.

Despite these challenges, the vast majority of those older than 50—even among those older than 80—expect to continue living in their own homes as long as possible.

The problem then is this: We need more affordable housing that includes accessibility features so more people can age in their homes, or at least age in the same communities where they raised their families. Accessible, smaller homes that have universal design features such as a no-step entry, single-floor living, extra-wide doorways and halls, accessible electrical controls and switches, and lever-style door and faucet handles may soon become immensely popular (though right now, only 1 percent of homes have all five, according to the report).