CAUSES AND REPORTS ON THE CRISIS
The growing housing crisis among elderly residents is national in scope
- Housing construction deficit of 4 to 7 million homes
- Rising Housing Costs – exacerbated by inflation, supply disruptions in building materials, higher interest & insurance rates
- Increasing Life Span and Disappearing Pensions- People outliving their savings
- Birth Cohort Phenomenon – The aging Baby Boom is now between the ages of 60 and 80. People born in the latter half of the “Baby Boom” (1955-1965) did not fare as well economically, are more likely to rely solely on Social Security in retirement & experience homelessness in their later years
Unique Florida characteristics have increased the impact on its elderly residents
- Second fastest growing state in the nation has exerted demand pressure on housing prices
- Increase in cost of housing
- Home prices more than doubled since 2015
- Median rents increased by 30% between 2020 and 2022, before stabilizing.
- High percentage 65 and older (27%); fastest growing age group
- Cost of insurance – Due to propensity to hurricanes and the growing intensity of storms, homeowner’s insurance has increased 102% in the last three years in Florida and costs three times more than the national average.
- Spike in HOA fees due to Florida law requiring condominiums over three stories to fully fund reserves in 2025
Key References
Addressing Homelessness Among Older Adults: Final Report
This report provides a roadmap for understanding the population of older adults at risk of or experiencing homelessness and what services and supports are available to serve them. We highlight the challenges older adults face in accessing the assistance available; innovative practices, especially those implemented during the Novel Coronavirus (COVID-19) pandemic, that could ease these challenges; and remaining gaps that need to be filled to effectively tackle the problem. We end with recommendations to better identify and serve older adults at risk of or experiencing homelessness.
Housing America’s Older Adults 2023
The US population 65 and over soared by 34 percent in the last decade, from 43 million in 2012 to 58 million in 2022. In the coming decade, the fastest growth will occur among those over 80, when people are more likely to need accessible housing as well as services and supports at home. The US, however, is not ready to provide housing and care for this surging population.
The State of ALICE in Florida: 2025 Update on Financial Hardship
An analysis of economic hardship by the United Way. Between ALICE households and households living in poverty, an estimated 47% of households in Florida were below the ALICE Threshold in 2023. This rate placed Florida 48th among all states and the District of Columbia (with 1st representing the lowest rate of hardship).
Low income Cost-Burdened Elders by Area Agency on Aging Service Area (link)
Shimberg Center for Housing Studies