Study: Many seniors will not be able to afford housing that offers needed care

Ten years from now, more than half of middle-income Americans aged 75 and older with mobility limitations or high health care and functional needs will not be able to afford to live in an independent- or assisted-living community or nursing home, according to a study reported yesterday in Health Affairs. The authors project that the number of seniors aged 75 and older will nearly double by 2029 to 14.4 million; and that 60 percent of this group will have mobility limitations, 20 percent will have high health care and functional needs, and 54 percent will lack the financial resources to pay for seniors housing. The authors estimate that eight in 10 middle-income seniors without equity in housing will have annual income and annuitized assets of $60,000 or less, below the projected average annual cost of assisted living and medical out-of-pocket spending. "This study creates an opportunity for policy makers to break down silos that heretofore have separately considered housing and health care needs," they said.