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Housing » Summary

Why It's Important

The majority of Boomers say they plan to stay in their homes and in their community. While the availability of accessible housing is essential, affordable housing for a caregiving workforce is equally important, as is access to essential services. Understanding these inextricable links will greatly impact how aging Boomers are able to continue to care for themselves, receive care, and ultimately stay put. In short, the interconnectivity of housing, workforce and services will force us to re-think what makes a community aging-friendly.

How Richmond Is Doing

Three in Four (77%) Richmond employees say Affordable Housing is Important. (GRCC, WORKFORCE HOUSING, 2007)

Three in four say affordable housing opportunities important

 

How Virginia Is Doing

Two in three Boomers say affordable housing opportunities are important - more important than transportation and entertainment. (ODP RESIDENT, 2008)

 

Two in three say affordable housing opportunities important, Richmond MSA

(ODP, RESIDENT 2008)

  • Three in five Boomers (62%) say they plan to stay in their current home when they retire (ODP RESIDENT 2008)
  • Three in five Boomers (62%) say if they become disabled, they plan to stay in their current home and have someone take care of them there (ODP RESIDENT 2008)

Three in five boomers (62%) plan to say in current home when they retire, Richmond MSA

Three in five boomers (62%) plan to stay in current home and have someone care for them there if they become disabled, Richmond MSA


How the U.S. Is Doing

According to the Administration on Aging, Profile of Older Americans, 2008:

  • Of the 2.9 million households headed by older persons in 2007, 80% were owners and 20% were renters. The median family income of older homeowners was $29,899. The median family income of older renters was $15,130. In 2007, 46% of older householders spent more than one-fourth of their income on housing costs - 39% for owners and 73% for renters - as compared to 46% of all householders.
  • For homes of older householders in 2007, the median construction year was 1969 (it was 1973 for all householders) and 4.4% of the homes had physical problems. In 2007, the median value of homes owned by older persons was $168,654 (with a median purchase price of $45,191) compared to a median home value of $191,471 for all homeowners. About 68% of older homeowners in 2007 owned their homes free and clear.(AOA, PROFILE OF OLDER AMERICANS, 2008)

According to N4A's report on the Maturing of America:

  • Older adults overwhelmingly prefer to "age in place" in their existing homes and communities, but may need to modify their existing home or move to another residence that is more accessible, more affordable or more appropriate in size to accommodate their changing needs. (N4A MATURING OF AMERICA 2006)
  • Only 5 percent of older adults age 55 and older change residences in a given year compared to 17 percent of the population under 55. (N4A, MATURING OF AMERICA, 2006)

The Older Americans Act declared that older people are entitled to equal opportunity to obtain and maintain suitable housing, independently selected, designed and located with reference to their special needs and available at costs they can afford. Older adults should have the opportunity to secure affordable, accessible and safe housing and the supports necessary to live independently as long as possible. (OAA)

 

According to a recent report by the Office of Policy Development and Research at the U.S. Department of Housing and Urban Development entitled, Elderly Housing Consumption: Historical Patterns and Projected Trends:

  • The number of senior households headed by those 85 or older will increase by approximately 88 percent from 2.9 million households in 2005 to 5.4 million households by 2030.

Figure ES.1: Historical and Projected Change
in the Number of Householders

HH Age Percentage Change in the Number of Householders
1985-2005 (1) Average Annual Change
(1985-2005)
2005-2030 Average Annual Change
(2005-2030)
<35 -0.7 0.0 14.6 0.5
35-44 20.8 1.2 7.0 0.3
45-54 44.7 3.0 1.1 0.0
55-61 26.0 1.5 22.0 0.8
62-74 1.7 0.1 89.1 2.6
75-84 27.5 1.6 84.6 2.5
85+ 12.6 0.7 87.5 2.5
Total 19.1 1.1 28.8 1.0
1) Data for 2004 and 2005 are estimates.
Note: HH - Householder.
Source: ICF Consulting analysis of AHS Data.

Data & Information Sources

Administration on Aging, Profile of Older Americans, 2008

http://www.aoa.gov/AoAroot/Aging_Statistics/Profile/2008/docs/2008profile.pdf

Atlas of Community Health
http://vaatlas.vahealthycommunities.com/

Federal Interagency Forum on Aging Related Statistics
http://www.agingstats.gov/agingstatsdotnet/main_site/default.aspx

N4A, The Maturing of America, 2006

http://www.aginginplaceinitiative.org/storage/aipi/documents/maturing_of_america_ reformatted_for_printing.pdf

ODP, Residents’ Study & Business Leaders’ Study

http://www.olderdominion.org/documents/ODP_Exec_Sum_03_26-08.pdf

Office of Policy Development and Research at the U.S. Department of Housing and Urban Development entitled, Elderly Housing Consumption: Historical Patterns and Projected Trends, 2008
http://www.huduser.org/datasets/ahs/Elderly_Housing_Consumption.pdf

Older American’s Act
http://www.aoa.gov/AoAroot/AoA_Programs/OAA/index.aspx

U.S. Census Bureau, American Community Survey

http://www.census.gov/acs/www/