Housing for an Aging Society

The aging of the US population has broad implications for housing markets, government spending, living standards, and society in general. As the baby boomers age over the coming decades, they will continue to drive housing demand. Indeed, the housing that is built or modified for these aging households will leave an indelible mark on the nation’s housing stock. With local regulatory changes that allow new housing options for older adults and with creative responses from builders, the result could be a growing supply of homes that are more affordable for those with budget constraints, more flexible for multigenerational households, and more accessible for people of all ages. At the same time, growth of the older population will put even more pressure on the federal budget. In fiscal 2013, the Social Security Administration reported that, in combination, Social Security and Medicare already accounted for 41 percent of federal outlays. And with the number of low-income older adults expected to soar, Medicaid and housing assistance programs will also need additional funding.