Research sponsored by the National Investment Center for Seniors Housing & Care (NIC) for  Harvard predicts affordability challenges as millions of boomers increasingly need long-term care. Most adults over age 75 cannot afford assisted living or home-based care, according to the new report, “Housing America’s Older Adults 2023.” 

Furthermore, when long-term care services are added to housing costs, only 14% of single people 75 and older can afford a daily visit of just four hours from a paid caregiver, and just 13% can afford to move to assisted living based on their income alone.

Between 2012 and 2022, the 65 and over population increased by 34%, growing from 43 to 58 million. Over the same period, the share of households headed by older adults increased from 22% to 27% of all US households. In addition, the number of households headed by a person age 80 and over will more than double between 2021 and 2040 to reach nearly 17 million households.

Also of note, 16% of adults ages 65–79 and 37% of those 80 and over report an ambulatory difficulty, but most housing is not accessible; at last measure in 2011, fewer than 4% of homes offered three foundational features of accessible housing—single-floor living, no-step entries, and wide hallways and doorways. Overall, 10% of older white householders, 13% of older Black householders, and 15% of older Hispanic householders report difficulties entering, navigating, and using their homes.

The report highlights the consequences of aging households and "signals the public and private sectors that more must be done to make housing and care options affordable to the millions of older adults who need them."

To download the full report, click here