CAUSES AND REPORTS ON THE CRISIS
The ELDERLY HOUSING CRISIS 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
Florida's unique 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