Unequal access to homeownership can have implications for broader financial security into retirement years. Black and Hispanic older adults have lower rates of homeownership than white older adults, and these gaps have grown since the Great Recession. Nationally, older adults have the highest homeownership rates compared to any other age group, yet similar to the broader population, racial disparities persist. Income inequality among older adults has grown and has likely been exacerbated by the pandemic, with labor force projections anticipating a greater share of older adults delaying retirement throughout the next decade. For older adults, housing cost burdens can influence their spending on essential medical care and other necessities, lowering their overall quality of life as their needs change. Among older adult renters and owners nationally, housing cost burdens were the most acute among very low-income older adults with annual incomes below $15,000. While older adult renters are more likely to experience housing cost burdens compared to older adult homeowners, a growing share of older adult owners carry mortgage debt, and therefore additional housing costs, compared to previous decades. Before the COVID-19 pandemic, the number of housing cost-burdened older adults in the United States had reached an all-time high. Despite this, not all communities are equipped for this significant demographic shift that will have future implications for housing.Īccess to affordable, accessible, and stable housing is a key issue affecting older adults as they age. It is projected that over the next two decades, a majority of growth in the number of households will be driven by seniors aged 65 and above. The older adult population nationwide is growing at a faster rate than any other age group. To access the data behind the figures in the report, click here. Critically, reflecting both the community and individual impact of systemic racial inequality and uneven economic opportunity for people of color, this analysis highlights that economic conditions such as income, cost burden, and presence of mortgage debt vary widely by older adult householder race and ethnicity and for older adults in the city and suburbs.įor information on data sources and methodology, click here. Intended as a baseline resource to inform current conversations and future analysis of critical housing issues facing older adults, Housing Needs and Economic Conditions of Cook County’s Older Adults establishes that households headed by an older adult represent a large and rapidly growing share of households in Cook County and that there is variation in both the current economic conditions and nature of older adult household growth in the city and suburbs. This analysis leverages the local knowledge of roughly 20 Chicago-area organizations working on older adult housing issues to create a practitioner-focused resource on key demographic and socioeconomic conditions related to older-adult housing demand and economic and housing insecurity in Cook County. The development of impactful policy to address the unique housing needs of Cook County’s older adults requires local and timely data on changing conditions, informed by the data needs of issue-area stakeholders. While the aging of the American population is one of the most critical demographic trends facing U.S cities, the Chicago region has limited data and analysis to inform current policy conversations around the housing needs of older adults.