As the 65 and older population increases to one-fifth the population by 2035, builders and the real estate industry will have to adapt by making accessible, and affordable, homes.
Fox Business spoke with CEO of Real Property Management, Lukas Krause, about what to expect. Krause said that many older adults could be cost-burdened, as savings and Social Security won’t be enough to adequately cover an average housing budget. Older adults will cohabitate, and new forms of housing will be needed.
Aging Baby Boomers could consider buying a home with a fixed mortgage rate if they have the means. Renters, though, will not have to worry about costs such as maintenance and property taxes.
Builders will need to construct homes with accessibility in mind.
Design elements should include: single-floor living without stairs, doorways and hallways at least 36” wide, non-slip flooring with smooth thresholds between rooms, handrails, adequate lighting, lever-style door/faucet handles, higher toilets with extra space around for easier assistance, showers equipped with a bench, and multi-height kitchen countertops.