Research Report Senior Housing and Mobility: Recent Trends and Implications for the Housing Market
Jung Hyun Choi, Laurie Goodman, Jun Zhu, John Walsh
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By 2040, 33 percent of the US population will be over the age of 55, compared to 29 percent in 2017. The senior population in 2040, 29 million people larger than today, will be significantly more racially and ethnically diverse. This report focuses on their housing needs, noting that, if current trends persist, seniors who rent, live in nursing facilities, live by themselves, and live in multigenerational housing will all increase significantly, changing the number and types of housing we will need in the future. We find that while many seniors want to age in place, their homes need substantial repairs and modifications to accommodate this desire. We also find that when seniors move, many move to expensive homes in affluent neighborhoods.
Research Areas Wealth and financial well-being Neighborhoods, cities, and metros Aging and retirement Race and equity Housing finance Housing
Tags Economic well-being Asset and debts Racial and ethnic disparities Housing markets Homeownership Financial products and services Opportunity and ownership Social determinants of health Racial barriers to housing Racial homeownership gap Racial inequities in health
Policy Centers Housing Finance Policy Center