The senior housing market is facing a period of probable change and expansion in the near future as the U.S. population ages.
Former Secretary of Housing and Urban Development Henry Cisneros, who recently co-authored a book addressing seniors' housing, recently told Multi-Housing News that several changes in the housing market are likely to manifest. About 40 million people are over the age of 65 already and that number is expected to grow, with most of them living in their own homes. A relatively small percentage live in nursing homes or other accommodations.
Americans may live on their own into their mid- or even late-80s, Cisneros stated in the interview, and some old housing will likely need to be retrofitted in order to meet their needs. Enhancing accessibility and other practical changes to prepare these homes or the elderly may be needed. New housing will have similar requirements as it is constructed. Building near amenities, on a smaller scale and with an eye toward affordability is a likely trend.
On a broader scale, Cisneros indicated, investors, developers, rental property management firms and other stakeholders may need to focus more on making communities more accessible and comfortable for seniors to live in.