The increase in homelessness across the nation points to an affordable housing crisis for everyone, and with the aging population rapidly expanding, finding comfortable and affordable homes for older adults is becoming more and more challenging. The problem is complex and requires a nuanced discussion.
In 2022, there were 6.5 million adults aged 85 and older. That number is expected to more than double by 2040, with 13.7 million people reaching that age.1 Baptist Retirement Community understands the significance of these numbers and seeks to be a part of the solution for the affordable housing crisis for seniors. We’re committed to providing a caring and supportive senior living community. Call 325.313.7931 today for more information on our services.
Understanding the Affordable Housing Crisis for Seniors
Recent statistics show that there’s a significant gap between the increasing demand for affordable senior-friendly housing and the insufficient supply. Millions of seniors are struggling to find suitable housing options that are safe and comfortable. There are, of course, several factors involved in this issue, including:
- Escalating housing costs
- A lack of availability of senior-specific accommodations
- Demographic shifts resulting in a higher population of older adults
This combination of factors creates a tenuous situation for those entering the senior community as they begin to look for housing that will support their long-term care needs.
A Senior Housing Crisis Deep Dive
Older adults face a multitude of challenges in their search for affordable housing. Understanding the issues requires a closer look at each one:
Escalating Housing Costs
Financial constraints are often the most immediate barrier, as many seniors live on fixed incomes that don’t align or rise as housing costs do. In 2022, 10.2% of Americans aged 65 and over were reported to live below the poverty line, and with high demand for housing and limited supply, seniors are often priced out of the housing market.2
Senior-Specific Accommodations
Housing that caters to the needs of older adults is also in limited supply, and many seniors are forced to live in homes that do not meet their specific care requirements. Those needs may include things like enhanced lighting, ramps, elevators, non-slip flooring, or lowered kitchen countertops and widened doorways for seniors using wheelchairs. The lack of safety and accessibility can present a major issue for seniors looking for homes.
Demographic Shifts
An aging Boomer generation has led to the need for more senior accommodations than in the past and the race to keep up. Some regions of the country haven’t adequately planned for the growing needs of the senior population, leading to more lack. Additionally, insufficient government funding and subsidies for affordable housing projects can add to limitations when it comes to new construction.
Exploring Solutions to the Affordable Housing Crisis for Seniors
Addressing the senior housing crisis requires a multifaceted approach, including:
- Policy to support more senior-friendly housing developments
- Incentives for property developers to consider senior needs in construction projects
- Financial assistance, such as subsidies or tax credits, for seniors struggling with housing costs
- Encouraging innovation and technology in the design of affordable senior housing options
- Community initiatives like local housing programs and partnerships with nonprofit organizations that provide additional resources
Joining the Fight Against the Housing Crisis for Seniors
Baptist Retirement Community is dedicated to being part of the solution for the affordable housing crisis facing seniors. Seniors deserve a living environment that not only meets their physical needs but also nurtures their emotional and social well-being. That’s why we provide a comprehensive program for our senior adults, meeting their needs holistically.
By exploring potential solutions and leveraging the power of community, we can make progress toward dignified living environments for our seniors.
Call Baptist Retirement Community Today
The senior housing crisis is complicated, but quality care shouldn’t be. Let us help you or your loved one transition into senior living with grace. Call 325.313.7931 today to speak with a member of our team, or submit our online contact form and schedule a visit.
We can’t wait to welcome you home.