A recent national survey from AARP revealed a truth that’s familiar to most of us: The majority of adults 50 and above would like to stay in their homes and live in their communities for as long as possible. This is especially true among those 65 and older, along with those who reside in small towns or more rural areas. Yet, at the same time, close to 50% of those who want to “age in place” also believe that they may need to relocate at some later point. What leads them to admit that? Probably something you’re also very familiar with: Between the costs of rent or mortgage, the costs of housing upkeep, and the cost of property taxes, a large swath of older adults cannot afford to live out their days in the communities in which they’ve resided for decades. Another startling statistic? In 2021, 11.2 million older adults spent 30% of their income on housing, meaning that less money was available for such essentials as food, utility bills, car maintenance and insurance, and other necessities. Moreover, housing stock in most communities does not support aging in place: available housing is not affordable, accessory dwelling units are not always permissible, many communities are not walkable and many continue to lack broadband access. So, even if you’d like to stay in your community but perhaps downsize to a smaller, more affordable option, that’s often unavailable.

For those trying to stay and maintain their current homes, the challenges are many. According to a recent report from NPR, many older adults struggle to prevent their homes from falling into serious disrepair, and of course, the longer problems with the house go on, the more expensive the fixes are likely to be. Those who can afford repairs and renovations are spending significant sums to try to forestall a move. According to a recent report from the website Angi, in 2024 Baby Boomers spent an average of $14,140 on home projects. Many of these projects likely mean that the home will meet their needs for years to come, though of course, homes are sometimes renovated or repaired in preparation for a sale. According to the Wall Street Journal, some repairs and renovations make sense if you’re planning to move but others are unlikely to increase the value of your home and thus are not worth the expense. For some of these recommendations, put up that for sale sign and read here.

If you’re hoping not to move, but wondering how to afford to stay, there is an option you may not have explored. According to a recent post in Axios, over 31 million extra bedrooms sit empty in US homes, especially in the South and Mountain West of the United States. Even allowing for the use of an extra bedroom as an office, that still means that millions of current homeowners could take in a renter or an older loved one in distress, and use the money to offset rising costs that accompany living in the community. It’s a win for homeowners whose costs are outpacing their income and a win for older adults who’ve had to leave their homes because they simply couldn’t pay rent or other housing costs in their communities. It’s also a win for younger adults who may be looking for cheaper rentals perhaps in exchange for helping with household chores. So what would this accomplish? Some intergenerational understanding, some easing of the housing and affordability crisis for older adults, and even some relief of the loneliness and social isolation so many older people face.  For some companies around the country that help homeowners find renters to share their empty bedrooms and find housing for those who are looking to rent, take a look at Nesterly, PadSplit, and SpareRoom. And click here to investigate a network of not-for-profit organizations that facilitate shared housing for older adults around the country.

Perhaps the most shocking statistic, however, is the number of older adults who are now homeless in the United States. According to a recent post in Next Avenue, 5 million older adults currently live below the US poverty level and over 138,000 older adults (55 and over) are currently experiencing daily homelessness. We know that older homeless adults experience faster biological aging, along with higher morbidity and mortality, and the need for institutional care at an earlier age than those who have housing. Furthermore, we know that the tragedy of older homeless people is only getting worse. Researchers at the University of Pennsylvania estimated that between 2019 and 2030, the number of homeless older adults will triple, and that prediction is on course, if not insufficient to quantify the problem. While some cities are beginning to develop homeless shelters specifically for older adults, many elderly homeless people cannot reside in typical shelters because of their medical needs, incontinence, or cognitive impairment. There is now even a network of homes that have developed to meet the needs of dying older homeless adults who otherwise would not have access to the hospice system because they lack a stable environment or an involved caregiver.

Some unhoused older adults have taken to living in their vehicles, and have parlayed their difficult circumstances into creative content to earn money on YouTube. While for some, that can be an attractive lifestyle for a period of time, the reality is that it’s not a sustainable life, especially if medical problems mean you need help and support on a regular basis. No one wants to live in their car in their later years, nor expects to be homeless and unable to afford even a modest life in old age. Yet the reality of housing costs and options in our country means far too many have no choice but to live on the streets or in substandard housing situations. It’s a tragic plight that we need to confront as a society. For a window into what this life is like, take a look at a recent documentary that’s trying to shine a light on this tragedy.