Creating Solutions For Addressing The U.S.' Affordable Housing Crisis
The U.S. is in the midst of an unprecedented housing crisis, and while the reasons for each city’s situation differ, as leaders in the built environment, we have an obligation to find creative, replicable solutions that can address this crisis in a meaningful way as quickly as possible.
Of particular concern is the need for attainable housing for our rapidly aging population.
The Population Reference Bureau estimates that the number of Americans ages 65 and older will nearly double from 52 million in 2018 to 95 million by 2060. Between 2020 and 2030 alone, the number of seniors in the country is expected to grow by nearly 18 million.
Simultaneously, rising interest rates and costs of living have created significant barriers to entry for those seeking living arrangements that will meet their long-term needs, leaving aging adults with significantly fewer options. As of 2019, 10.2 million aging adults were spending upwards of a third of their income on housing, and roughly half of that 10.2 million were spending more than 50% of their income on housing costs.
As the cost of living continues to grow, adults 55 and over are left with limited housing alternatives that that match their lifestyle and values at an attainable price, leading more to consider multifamily, for-rent housing options.
Here in Colorado, Headwaters Group launched a vertically integrated real estate company in 2022 with the goal of bridging the massive gap in the housing market for compelling, lifestyle-driven, attainable for-rent housing for 55+ adults. We are currently working to develop multifamily, for-rent communities in the western half of the U.S. and is acquiring communities across the country. From land acquisition through development and operation, Headwaters oversees the entire life cycle of a multifamily home community, optimizing the process for efficiency and impact while specifically targeting the gap in housing for the 55+ demographic.