What are the Implications to Real Estate When the Older US Population Grows Very Fast?
U.S. Older Population Grew From 2010 to 2020 at Fastest Rate Since 1880 to 1890
May 25, 2023
Written by: Zoe Caplan
The U.S. population age 65 and over grew nearly five times faster than the total population over the 100 years from 1920 to 2020, according to the 2020 Census.
The older population reached 55.8 million or 16.8% of the population of the United States in 2020.
Figure 1 shows the number and percentage of people age 65 and over in decennial censuses since 1920.
Planning for those over 65 as well as planning to work with those over 65 raises many interesting questions connected with real estate. For example, what type of housing is needed to satisfy the desires and living accommodations for this 17% of the population? (Yes, adjust for those not living alone, those with assisted living, those with more substantial medical needs, etc.)
Forget, for most individuals over 65, the desire by these folks to live in 2+ story homes. What adjustments will be needed to allow for general use of the home, ingress and egress, weather issues, and much more?
Many builders, brokers, investors, and others are challenged with answering these and many more related issues.