Additional Coverage:
- Baby boomer homeowners got rich from skyrocketing house prices. Now they can’t find retirement housing. (newsbreak.com)
Baby boomers, who have benefited from soaring home prices, now face a shortage of accessible retirement homes. They are struggling to find homes with features like single floors and wide doorways, and many are stuck in homes they can’t afford or don’t fit their needs.
Rising costs, including home insurance premiums and healthcare, are further burdening older homeowners. Boomers who still have mortgages are facing increased expenses, and the number of cost-burdened homeowners aged 65 and older is at a record high.
The shortage of suitable housing is partly due to restrictive land-use laws that limit the construction of new, denser housing. Boomers have often opposed these laws, contributing to the housing crunch.
The situation is particularly dire for low- and middle-income boomers and boomers of color, who have less home equity and face higher housing costs. As boomers turn 80, the need for accessible and affordable retirement housing will become even more urgent.