In recent years, millions of seniors have found themselves grappling with the increasing challenge of affording housing, and the situation is poised to worsen. This predicament is exacerbated by a historic shortage of affordable housing and escalating wealth inequality in the United States. As the baby boomer generation advances into their elderly years, the demand for affordable housing becomes increasingly pressing, affecting the living conditions of many who contend with financial constraints.

A 69-year-old tax accountant in Washington, D.C., vividly illustrates this growing issue. A car accident disrupted her life, forcing her onto disability and depleting her savings. Even though she managed to retain her rent-controlled apartment initially, she eventually encountered a three-year wait to secure senior housing subsidized by the federal government.

The Harvard University’s Joint Center for Housing Studies recently released a report sounding the alarm on the impending crisis. The report reveals that nearly a third of households led by seniors are burdened by housing costs, with over 50% paying more than 30% of their income for housing. As the boomer generation grows older, this pattern is anticipated to intensify, reaching a record high of 11.2 million impacted households in 2021.

The project director of Harvard’s Housing and Aging Society program points out that seniors face diminishing purchasing power just as rents and other costs rise, including those related to food and healthcare. Moderate-income seniors face a particularly daunting financial burden, exacerbated by the dual challenges of housing costs and caregiving needs.

The report also highlights the difficulties faced by older adults living alone, with only 14% able to afford a daily visit from a home health aide. Moreover, the rates of homeownership among individuals aged 50-64 have declined, signaling that fewer seniors will possess home equity to rely on for their caregiving requirements.

As society ages, the report underscores the significant income and wealth inequality among seniors, with African-American households more likely to have lower incomes and rent. The challenges extend to climate-driven factors, as seniors residing in warmer regions may struggle with higher utility bills and property insurance rates.

The report concludes that federal housing subsidies for seniors are growing, but the demand far outstrips the supply. In contrast to food assistance or Medicaid, public housing or rental vouchers are not guaranteed entitlements, leaving a substantial portion of seniors without adequate service.

To address this impending crisis, the report suggests measures such as making it easier for seniors to age in place through safety upgrades and advocating for zoning reforms to allow more affordable housing options. Without comprehensive solutions, the financial strain on seniors will force difficult choices, impacting where they live and influencing their budget priorities. The need to tackle this problem is apparent, as older adults are progressively at risk of entering their retirement years without secure housing, transforming 50 into the new 75 within the demanding context of homelessness.