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Introduction
As the general population continues to rapidly grow and live longer, challenges and opportunities will arise for us as a nation to address the affordable housing crisis facing thousands of seniors in the United States. According to the Department of Health and Human Services Administration for Community Living (ACL), in 2014 there were over 46 million Americans 65-year-old and over-a 28 percent increase since 2004. In 2020, 16 percent of the nation's population will 65 and over and that share will increase to comprise 19 percent of the total US population by 2030. Growth projections indicate as each day goes by an estimated 10,000 more Americans reach age 65.
This paper seeks to synthesize national data gathered from an array of research focused on the 65+ population to provide a comprehensive snapshot of what the current economic, health, and housing conditions are available for the elderly. Data in this report highlights the negative externalities for ethnic minority groups, particularly the senior Latino community. Latino seniors have higher life expectancies despite high disability rates, earn less from their social security retirement, and disproportionately reside in rental housing as compared to their non-Hispanic White counterparts. As a result, it is imperative we prepare to address these challenges by acknowledging demographic changes and, as a result, utilizing housing policy as strategic vehicle to address income and health vulnerabilities seniors face.
An Overview on the Challenges of Advanced Age
Growth in the Elderly Population and Demographic Changes
The 65+ population increased by 24.7 percent from 2003 to 2013, reaching 44.7 million in 2013. Overall, Americans aged 65 and older are projected to make up 21.7 percent of the total population by 2040, an expected increase from 40 million to 88 million, making them a fifth of the population. The racial composition of our nation's elderly population is dramatically changing, reflecting trends that have been underway since 1965. For example, in 2000, the non-Hispanic White elderly population made up 84 percent of those over the age of 65; this figure is expected to decline to 58 percent by 2050. In 2003, minorities made up 17.5 percent of the 65 + population, but rose to 21.2 percent in 2013. According to a report from the ACL, as of 2013 African...