Women living alone already comprise 44 percent of households where the householder is age 80 or over in the U.S. The number will rise as Baby Boomers get older.
Shannon Rieger of the Harvard Joint Center for Housing Studies writes that the 65 and over population will rise to 79 million by 2035, up 30 million from last year. Also, the 85 and over population is expected to double to 12 million by 2035.
This so-called “Silver Tsunami” has already begun to reshape housing needs across the nation, generating demand for accessible, affordable housing that can help older households age safely and comfortably in place. As people age, finding the resources to make age-friendly home modifications, to pay for assistance with daily activities and self-care, or even keep up with housing payments often becomes increasingly difficult.
In particular, renters will be most at risk of falling into housing and financial insecurity, because they typically have significantly smaller net worths compared to homeowners.