Photo: Warwick Conway/Flickr
There are about 75 million “Baby Boomers” in the US, according the US Census Bureau, and a new survey conducted by the National Housing Partnership Foundation (NHPF) recently gave some new insight into this demographic’s chief housing concerns. Like many other Americans, those between the ages of 53 and 71 are most anxious about the affordability of housing, says the NHPF.
The NHPF is a not-for-profit organization dedicated to creating and sustaining affordable housing, and recently conducted a survey about housing with 1,000 Americans aged 55 and over. Previously, it had conducted a similar survey to the general population, as well as one directed at only Millennials.
Thirty percent of respondents said they experienced anxiety over being able to afford their residence “at least once a month.” And, 42 percent of retirees responded that they experienced that same anxiety “at least” once a day.
Digging deeper, the NHPF asked what the greatest cause of anxiety was to the Baby Boomers surveyed, and 46 percent said their chief source of anxiety was being able to afford “desirable retirement living.”
In addition to worry about their own bottom lines, 65 percent of Baby Boomers expressed monthly concern about their children’s ability to afford housing — only 10 percent of respondents said they worried daily. Retirement savings for the next generation was a chief worry of about 43 percent of respondents.
“The anxiety is now multi-generational,” said NHPF CEO Richard Burns. He added that the NHPF is working to add more affordable housing to the country’s housing stock for both the current generation of homebuyers, as well the next.
Almost half of respondents felt their housing woes might be lessened by the new administration in the White House if property taxes, as well as other taxes, were stabilized — not increased.
And, according to its previous surveys, the NHPF reported that 75 percent of Americans are anxious at “at given time” about losing their housing, while 76 percent of Millennials were making compromises to afford their housing.
The results of the NHPF surveys illuminated the urgency to develop housing affordability solutions, said Ali Solis, president and CEO of MakeRoom. MakeRoom is a nationwide advocacy group for renters.
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