Is Shortage of Affordable Housing for the Elderly Also a Crisis in the Making?
As oft-reported here at ManufacturedHomes.com, the nation is experiencing a serious and continuous affordable home crisis that has, in essence, put “site-built” homeownership out of reach for millions of hardworking lower to middle-income families.
Many younger first-time homeowners have discovered that today’s modern manufactured home checks all the boxes for the fulfillment of the uniquely American dream of homeownership and “everything a home should be,” including affordability, quality, features, amenities and value appreciation.
Another ever-expanding demographic discovering the affordability, quality, and safety of manufactured housing, is the aging population.
If actuarial prognostications are correct, and we hope they are, we can expect a long after retiring from the workforce. Sounds great. However, the concern is will we be able to enjoy and financially sustain those extended years. The cost of housing will have the biggest effect on affordable sustainability.
According to the Terwilliger Center at the Urban Institute, going forward, the shortage of affordable housing for the growing elderly population is itself a crisis in the making.
“AGING IN-PLACE” HOPE MAY NOT BE AN AFFORDABLE OPTION FOR THE ELDERLY
According to Harvard’s Joint Housing Center Study, one out of three U.S. households will be headed by someone over 65 by 2035, and by 2038, the number of heads of households aged 70-79 will hit 10.7 million. With the number of 80-and-over households projected 17.5 million.
Other studies have shown that twenty million “baby boomers” (age 62-72 years old) have reached retirement age. Most are realizing that maintaining their existing home and lifestyle for extended years with limited income is not financially sustainable.
However, many retirees and those nearing retirement have discovered the ideal option that is allowing many seniors to downsize without downgrading their extended retirement years. That option is today’s modern manufactured homes.
In fact, studies have found that 32% of manufactured home households are headed by a retiree, with only 24% of the traditional site-built homes are headed by a retiree.
Senior homeowners hoping to “age-in place” are often in aging homes that need upgrades — only 3.5 percent of U.S. homes have the kinds of safety and mobility features important for aging-in-place, according to Harvard research.
The efficiency and flexibility of the manufactured home building industry produces high-quality homes that meet the criteria of the aging population, offering customization for those with existing mobility issues, quality construction, energy efficiency, low maintenance, fire and wind safety, top of the line appliances and fixtures. All of this, and will have a price of up to 50% less than a comparably sized site-built home.
You are invited to click the following MANUFACTUREDHOME.COM blog postings about manufactured housing and manufactured home living that many (especially “baby boomers”) might find interesting: