Harvard Study Says We’re Looking At An Aging Baby Boomer Housing Crisis
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Recent studies say today's supply of homes is woefully insufficient to address the needs of aging Baby Boomers, and if something doesn’t change the problem will only worsen over the next two decades.
That’s according to a new report from the Harvard Joint Center for Housing Studies, which reports in the next 20 years more than 20% of Americans will be over 65, MSN reports. These people will need houses with universal design elements like single-floor living, wide walkways and entrances without steps, but today only 3.5% of homes offer all of those combined.
Though some elderly have the money to make necessary adjustments to their homes, many do not. The report predicts 6.4 million low-income renters and 11 million homeowners will spend over 30% of their budget on housing, leaving little left for modifications. [MSN]