VGCA housing va aging pop042716

Housing Virginia’s Aging Population: 2016-2030

The Age Wave Arrives

The Age Wave Arrives

Why Young People are Tired of Hearing about Boomers

• Boomers have driven the housing market for three decades … they still do and will for the next 20 years.

Boomers & Housing 2030

•In the next Decade 2/3’s of boomers will make a housing choice

•We need to be prepared to support these choices

What Lies Ahead for Housing: Opportunity ? Challenge ? Crisis ?

• What is the lens through which to best understand the future o Location and Transportation o Health and Services o Accessibility and Livability o Housing Tenure and Type o Income, Wealth and Affordability

Traditional Housing Tenure Life-Cycle

• Child: Dependent

• Young Adult: Group Independent Rental

• Middle Age: Independent Owner

• Senior: “Independent Living” – Rental

• Senior: Assisted Living – Rental

• Senior – Nursing Care

Retirement and Beyond: Why do HHs Move ?

• Downsize

• Design and Accessibility

• Location, Location, Location

• Affordability

Housing Cost Burden is Widespread among Seniors

• Housing is the largest cost in the HH budget

• Housing cost burden = paying more than 30% of income for housing

• Over 65: Income drops; Housing costs don’t

Housing Cost Burden is Widespread among Seniors

• 50% of HHs over 65 are housing cost burdened

• Nearly 1/3 of renters of 65 are severely burdened – spending over half their income for housing

Renters Face HUGE Housing Cost Challenges

High Cost Burden Will Stress our Housing Assistance Programs

What Do Boomers Want?

• 47% want to stay in their home

• 23% want to stay and move “later”

What Do Boomers Want?

•70% + will be “AGING in PLACE”

Aging in Place

• Is the house ready for the “aging in place” household?

• Is the community ready for the “aging in place” citizen?

Aging in Place

Aging in Place: the Home

• Remodeling

• Accessibility and Adaptability

• Shared housing / accessory housing

• In home services

Aging in Place: the Neighborhood

• Walkable Neighborhood with “Urban” / “Village” Feel

• Age & HH Diversity

• Connected to their Community – Family & Friends – Culture & Entertainment – Dining & Shopping

• Green & Sustainable

Aging in Place

Aging in Place…in the Suburbs

•Single family detached dwellings

•2 story dwellings / accessibility

•Oversized / heating & cooling

•Maintaining house and yard

•Car dependent

Local Fiscal Impact

• Current Market Realities – Higher density – Smaller – Environmentally friendly – “Affordable” – Accessible to urban amenities.

Other Niche Markets

• Rural – Isolation – Access to Services –Maintenance

• Urban – Poverty – Displacement – Environmental Issues

Easy Living Home

• A home that can be lived in through all of life’s stages

• A home that can be visited by most people

• Simple design requirements o One zero step entry o Easy passageways throughout o 1st floor bedroom and accessible bathroom

• www.elhomes.org