A new analysis by NORC at the University of Chicago reveals that millions of Black and Hispanic older adults will be unable to afford senior housing and healthcare services within the next decade. This study was commissioned by The SCAN Foundation as an addendum to its “Forgotten Middle” study.
The analysis predicts that by 2035, 25% of the middle-income cohort of older adults will be people of color, yet this same population will be the least likely to afford senior housing compared to the overall middle-income adult population. The study defines middle-income adults as those with annuitized income and assets ranging from $26,000 to $103,000 in 2020 dollars.
Furthermore, the study projects a substantial decline in home ownership and lower home equity for Black and Hispanic homeowners by 2035. Additionally, marriage rates are expected to decline across all racial groups, with Black and Hispanic adults experiencing even greater declines.
With higher risks for health complications, including chronic conditions and mobility limitations, the future need for care for Black and Hispanic older adults is expected to increase. The president and CEO of The SCAN Foundation, Sarita A. Mohanty, highlighted the impending crisis facing older adults of color who may not qualify for Medicaid and won’t be able to afford private home care.
This analysis sheds light on the challenges that lie ahead for older adults of color, and emphasizes the need for policymakers, as well as the healthcare and senior housing communities, to address these disparities and ensure equitable access to housing and care as individuals age.
