The Joint Center for Housing Studies of Harvard University (JCHS) has released it’s 2012 The State of the Nation’s Housing report. According to U.S. census data, around 10,000 people will turn 65 each day until 2030. As the JCHS’s study says, “The leading edge of this group reached 65 in 2011, entering the phase of life when they are less likely to move to different homes.” Additionally the number of “cost-burdened” senior households rose from 3.1 million in 2001 to 4.1 million in 2010. As that number continues to grow, so will the need for affordable senior housing and services.
While homeownership rates have dropped in recent years, homeownership rates for 65+ households have held steady at around 81%. Though homeownership rates have droppped for younger adults, the national rate of homeownership remains relatively strong because 65+ households are growing and because homeownership rates among this age group are near record highs. Along with these high homeownership rates comes a higher percentage of 65+ households carrying their mortgage debt into their retirement years.