A growing elderly population in the U.S. will spur the need for a bigger supply of affordable homes over the next 20 years, according to a Harvard Joint Center for Housing Studies report.
The report noted that the growing rate of senior citizens far exceed the number of currently available and affordable retirement homes. Within the next 20 years, people aged 65 and above would increase to 79 million from 48 million.
Given the present supply of homes, most of the future senior citizens are expected to live in risky and physically unsuitable properties.
Aside from the huge gap between available supply and the projected demand, a small percentage of senior-living homes meet the three main elements of “universal design,” according to the report. Homes with single floors, wide halls and doorways, as well as no-step entrances only account for 3.5% of retirement properties in the U.S.
The report further claimed that as much as 6.4 million of low-income tenants will have to allot more than 30% of their income for their homes by 2035, while 11 million homeowners are likely to experience the same.
In the near future, many cities in the U.S. are viable options for property investments in 2017. Some of these cities are in Utah, Texas, Florida and Washington State.
Salt Lake City ranked sixth in terms of the best housing markets in the country for 2017, whether you’re looking for a place to live or buy property and have it rented out. If you decide on buying homes for rental purposes, seek help from companies like Real Property Management with experience in property maintenance service in Salt Lake City.
By contracting services from local property firms, you’re getting a better picture of what the market there looks like, especially if you come from another state or city.