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VGCA housing va aging pop042716

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VGCA housing va aging pop042716

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VGCA housing va aging pop042716

  1. 1. Housing Virginia’s Aging Population: 2016-2030
  2. 2. The Age Wave Arrives
  3. 3. The Age Wave Arrives
  4. 4. Why Young People are Tired of Hearing about Boomers • Boomers have driven the housing market for three decades … they still do and will for the next 20 years.
  5. 5. Boomers & Housing 2030 •In the next Decade 2/3’s of boomers will make a housing choice •We need to be prepared to support these choices
  6. 6. What Lies Ahead for Housing: Opportunity ? Challenge ? Crisis ? • What is the lens through which to best understand the future o Location and Transportation o Health and Services o Accessibility and Livability o Housing Tenure and Type o Income, Wealth and Affordability
  7. 7. Traditional Housing Tenure Life-Cycle • Child: Dependent • Young Adult: Group Independent Rental • Middle Age: Independent Owner • Senior: “Independent Living” – Rental • Senior: Assisted Living – Rental • Senior – Nursing Care
  8. 8. Retirement and Beyond: Why do HHs Move ? • Downsize • Design and Accessibility • Location, Location, Location • Affordability
  9. 9. Housing Cost Burden is Widespread among Seniors • Housing is the largest cost in the HH budget • Housing cost burden = paying more than 30% of income for housing • Over 65: Income drops; Housing costs don’t
  10. 10. Housing Cost Burden is Widespread among Seniors • 50% of HHs over 65 are housing cost burdened • Nearly 1/3 of renters of 65 are severely burdened – spending over half their income for housing
  11. 11. Renters Face HUGE Housing Cost Challenges
  12. 12. High Cost Burden Will Stress our Housing Assistance Programs
  13. 13. What Do Boomers Want? • 47% want to stay in their home • 23% want to stay and move “later”
  14. 14. What Do Boomers Want? •70% + will be “AGING in PLACE”
  15. 15. Aging in Place • Is the house ready for the “aging in place” household? • Is the community ready for the “aging in place” citizen?
  16. 16. Aging in Place
  17. 17. Aging in Place: the Home • Remodeling • Accessibility and Adaptability • Shared housing / accessory housing • In home services
  18. 18. Aging in Place: the Neighborhood • Walkable Neighborhood with “Urban” / “Village” Feel • Age & HH Diversity • Connected to their Community – Family & Friends – Culture & Entertainment – Dining & Shopping • Green & Sustainable
  19. 19. Aging in Place
  20. 20. Aging in Place…in the Suburbs •Single family detached dwellings •2 story dwellings / accessibility •Oversized / heating & cooling •Maintaining house and yard •Car dependent
  21. 21. Local Fiscal Impact • Current Market Realities – Higher density – Smaller – Environmentally friendly – “Affordable” – Accessible to urban amenities.
  22. 22. Other Niche Markets • Rural – Isolation – Access to Services – Maintenance • Urban – Poverty – Displacement – Environmental Issues
  23. 23. Easy Living Home • A home that can be lived in through all of life’s stages • A home that can be visited by most people • Simple design requirements o One zero step entry o Easy passageways throughout o 1st floor bedroom and accessible bathroom • www.elhomes.org

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