Housing Struggles Mount for Aging U.S. Boomers

A report from Harvard University's Joint Center for Housing Studies warns that the U.S. is unprepared for the growing number of seniors facing high housing costs, with nearly a third of senior households considered cost burdened. As the number of households headed by someone aged 80 and over is set to double by 2040, the purchasing power of seniors is decreasing while rents and other costs are rising. The report also highlights the challenges faced by older adults in affording home health aides and assisted living, the rising mortgage debt among older households, and the impact of climate change on seniors' ability to afford higher utility bills and property insurance rates. The number of seniors qualifying for federal housing subsidies is growing, but there is not enough supply to meet the demand. Additionally, homelessness among older adults is increasing, with many losing housing due to unaffordable rent. To address these issues, the report suggests government programs to finance safety upgrades and zoning reforms to increase affordable housing options.