Fixed Income Housing Demand Rising
There is little doubt that there is a rising demand for fixed income housing. The real estate bubble along with the depressed economy and accounting scandals of the past ten years have meant the that more and more retirees are finding their retirement dreams shattered. Even for those retirees that have planned carefully it still may not be enough. Along with the economic woes that have befallen Americans, there are enough medical advances that are also going to put a crunch on low income housing.
The Baby Boomers mean that currently there are a record number of people retiring in the next decade. This once affluent group has been hit hard by real estate and retirement fund losses caused by the banking industries bad lending practices and toxic asset derivative bundles. Where once a comfortable retirement seemed definite, now some seniors are faced with living off of the fixed income provided by Social Security.
Competition for Fixed Income Housing
The not-so-Golden Years that seniors are facing are plagued by uncertainty in the housing market. As their own fortunes tumble so have the bank accounts of millions of younger Americans, too. Suddenly less desirable areas of town or older buildings are hot areas as many young people find themselves unemployed or underemployed and priced out of their old neighborhoods.
The lack of housing and increased competition with other people have forced more and more older people to turn towards retirement communities or nursing homes. There are still neighborhoods and developments that are strictly limited to people of a certain age, but the best ones generally have long waiting lists and many can't afford them anyway. This has forced many retirees to seek out government aid and a nursing home. Spending retirement in a nursing home is not what many people plan, but it has become the only alternative for some especially those with health problems. Budget cuts, staffing issues, overcrowding and lack of space has meant that even nursing home rooms are being competed over.
Fixed Income Housing Future
The current trends offer a bleak outlook for the future. Along with the financial concerns are the increasing lifespans of retirees. Even for those that have a strong pension or well-stocked 401K, the sheer number of years remaining may deplete all but the heartiest of portfolios. This stands to drive more people to the low income housing market. Medicines and new medical techniques are allowing people to live longer lives. While this is great, it means even more people living longer with not enough housing to keep pace. Low income assisted living and other fixed income housing will need to be examined closely in the next decade and real strides need to be taken by society to make sure that all seniors are provided for.