According to a recent census report, the population of seniors ages 65 and older has grown 9.4% nationally since 2020. This, alongside a just 0.2% national increase in the 15-64 year-old working-age group, spells a clear shift within our country. But it isn’t as simple as an interesting change in numbers; it’s the implications of the shift’s effects. These changes in demographics signal, among other things, a necessary growth of suitable housing and care in order to meet the needs of the aging population.
Expanded external living solutions
There’s a wide variety of communities, with numerous configurations and prioritization on serving a continuum of care. Data shows growth in this area: The number of retirement-community businesses increased approximately 15% between 2013 and 2023, jumping from 16,565 to 19,232.
While this doesn’t quite match the overall rise in the aging population, the numbers show the gap may not be as large as it appears.
In Q1 2021, the nationwide senior housing occupancy rate hit an all-time low of 78.8%. However, since then, the numbers have continued to recover. By 2022, that rate had increased to 82%, a trend that has continued, reaching 85.9% in Q2 2024, marking the 12th consecutive quarter of growth. Companies continue to build new offerings—reflected throughout the D.C. metro—aiming to serve a range of options to current and potential residents.
But not everyone wants to relocate.
A change in the look of the U.S. household
As of 2020, the census found that approximately one in six (16.8%) people in the United States were ages 65 or older. For comparison’s sake, that’s nearly quadruple the 4.7% (one in 20) of the population with the same age a century ago. A large part of this rapid growth is driven by adults born between 1946 and 1964—otherwise known as the baby boomers. Projections show that, come 2030, all baby boomers will fall within the 65+ population, and growth will start slowing.
Along with this, the numbers continue to show the preference to age in place, with a recent Housing America’s Older Adults report that, as of 2021, 97.5 percent of adults age 65 or older lived in their own homes or that of someone else.
Multigenerational households grew by more than 80 percent since 2006. However, as of 2020, just 10 percent of the nation’s 115 million housing units were ready to safely accommodate older populations.
There are often simple modifications and considerations that can enhance a home’s safety, keeping seniors in their homes longer and alleviating costs associated with new accommodations. And for many, it’s well worth the investment.
Over the next six years, as the aging population continues to grow, we’ll see a continued need for living accommodations, as well as services to serve the changing needs of this important population.
