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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 68 January 2025 J O U R N A L safe, and accessible housing and com- munities." Only 36.5% of eligible households received government housing aid in 2021, while 11.2 million older people spent more than 30% of their income on housing. Over 30% of the income of over 10 million senior tenants was spent on housing. By 2040, the number of households headed by individuals aged 80 and over is expected to double, mak- ing it imperative that the United States address the issue of aging in place. Elderly Homeowners Say Housing Hurdles Are Imminent According to the report, older indi- viduals face major obstacles to remain- ing in their homes and communities: • Housing Affordability: Of those over 50, nearly half (44%) anticipate moving, with rising housing costs— such as rent or mortgage (71%), prop- erty upkeep (60%), and taxes (55%), serving as the main driving force. • Home Accessibility: More than half (51%) of people over 50 believe they require a house that allows them to age independently. To support this, almost half anticipate that home modifications such as grab bars (72%), entryway improvements (71%), and kitchen upgrades (39%), will be necessary. • Technology Barriers: Nearly half (44%) and two-thirds (64%) believe they require smart security features and a medical alert system, respec- tively, to keep them secure and independent, but broadband access and affordability are still issues. 22% of rural households still do not have high-speed internet access, which makes it difficult for them to use these technologies. • Community Readiness: Only 50% of people over 50 believe their communities are prepared to satisfy their requirements in the future, highlighting the importance of secure spaces, dependable utilities, and access to healthcare. AARP Expands Policy Solutions for Elders Aging in Place To assist the increasing number of senior citizens who want to age in their homes and communities, AARP has declared that it is spearheading a policy agenda: • Affordable Housing: Support bi- partisan legislation like the Afford- able Housing Credit Improvement Act (AHCIA), which strengthens and expands the Low-Income Hous- ing Tax Credit to leverage private sector investment in affordable home construction and preserva- tion and expand rental assistance programs like the Housing Choice Voucher Program (Section 8). • Creative Housing Solutions: As demonstrated by California's recent law relaxing local limitations, remove obstacles to the develop- ment of Accessory Dwelling Units (ADUs) to give older folks more f lexible housing options. • Inclusive Zoning: The bipartisan Yes in My Backyard Act (S.1688 / H.R. 3507) and Montana's 2023 middle housing and tiny home legislation are examples of state and federal zoning reforms that promote inclusive zoning and various housing alternatives by reducing red tape. • Walkable Communities: To make every neighborhood more walkable, support initiatives like "Complete Streets" and make investments in infrastructure upgrades like cross- walks, sidewalks, and traffic-calm- ing techniques. • Digital Access: Promote initiatives that lower the cost of broadband internet, like the now-defunct Af- fordable Connectivity Program, so that low-income senior citizens can access telehealth, social connec- tions, and other essential services that were crucial during the global pandemic and are still crucial today. Older Homeowners Desire to Age in Place, But Many Don't Believe They'll Be Able To According to Harrell, housing costs and communities aren't often designed with older homeowners in mind. He went on to say that this is concerning since there will soon be more adults over 65 in the United States than children under 18. "Many of our communities don't have the housing that many aging adults can afford, with features that support them, in locations where they want to live," Harrell said. "To meet this growing need, we must expand the na- tion's housing stock and work to make our communities more livable with an all-ages mindset." One of the key concerns is the cost of house maintenance. The necessity for affordable housing is the primary factor given by 44% of those who be- lieve a move will be required. When anticipating the need to relo- cate, 71% of adults in that demographic mentioned rent or mortgage costs as a major concern. Additionally, 60% ex- pressed a desire to reduce housing and maintenance expenses. High property taxes are another factor at work, as 55% of respondents cite them as a cause for moving. The need for a house that can survive natural disasters was also one of the top three reasons for moving, according to 55% of respondents. Additionally, some 75% of adults over 50 still desire a single-family home, even though two-thirds of all adults believe downsizing is a good option. It's interesting to note that more adults in the 18–49 age range than those over 50 said they would eventually like to live in an area that caters to senior citizens and offers a variety of housing options (townhomes, homes, apartments, etc.). Compared to people over 50, younger people are also more receptive to living in a continuing care community, which is a facility created to provide care throughout all stages of aging. Old or young, homeownership is im- portant. Aging in place is a luxury many Americans won't be able to experience,