Did you know that by 2050, one in five Americans will be age 65 or above? That’s 88 million people, with more than 19 million over the age of 85. That’s all according to a new report from the Center for Housing Policy, which is breaking down the housing needs of older adults.
So just what does an older renter look like? For one, he is much more likely than a young renter to spend at least half his income on housing; for another, he is much more likely to require disability accommodations and support services. Large apartment buildings are generally more able to provide these services in effective and cost-efficient ways. As a result of this, Boomers tend to live in large multifamily buildings more often than their young counterparts.
There is even some concern that as 2050 looms nearer, the demand for large multifamily buildings will outpace supply, particularly in more suburban settings. The Center’s report suggests the adoption of more flexible zoning laws as we shift our focus towards ever-evolving demographic in the rental market.
For a full rundown of the report, check out this article from HousingFinance.com. Meanwhile, are you seeing more Boomers in your buildings? Join the conversation below.