The article discusses the halted development of senior housing units during and after the COVID-19 pandemic, which poses significant challenges as demand for senior housing is expected to sharply rise. By 2030, over 560,000 new units will be necessary, but current trends indicate only about 191,000 will be built. Compounding the issue are high mortgage rates and the desire of many seniors to age in place, with nearly 35% of affluent seniors opting out of formal housing. This situation may create affordability challenges for lower-income older Americans.
Despite the pressing need for senior housing units, development has significantly slowed, suggesting a potential shortage that could affect low-income older Americans.
The expected surge in demand for senior housing units, projected to reach a shortage of 560,000 units by 2030, raises concerns about accessibility and affordability.
Even with many baby boomers able to afford senior housing, about 35% still prefer aging in place, complicating demand and development perceptions.
Industry recovery is evident as occupancy rates return to prepandemic levels, yet ongoing high mortgage rates and uncertainties may hinder future development.
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