In the Media

As its population ages, the United States is ill-prepared to adequately house and care for the growing number of older people, concludes a new report being released Thursday by Harvard University’s Joint Center for Housing Studies.

It used to be that by the time most people reached 80, their house was paid off. In 1989, just 3% of homeowners over 80 still had a mortgage. Today? It’s nearly a third. “And the balance on those mortgages is much higher, even when you adjust for inflation,” said Jennifer Molinsky at Harvard’s Joint Center for Housing Studies.

A study released Thursday by Harvard University's Joint Center for Housing Studies found a 423 percent increase in median mortgage debt for homeowners aged 65 to 79. It marks a shift in the retirement landscape where a debt-free golden age is no longer a guarantee.

Thursday's report from Harvard's Joint Center for Housing Studies found an all-time high of adults age 65 and older are cost-burdened, meaning they spend more than 30% of their income on housing − either a mortgage or rent.

“Our disaster safety net in this country has always prioritized property,” said Carlos Martín, project director at the Joint Center for Housing Studies at Harvard University. “We assess what you’re due in the safety net program based on damages to your property.”

“The adequacy issue takes a backseat to the affordability issue in most jurisdictions in this country,” said Carlos Martín, project director of the Remodeling Futures Program at the Harvard Joint Center for Housing Studies. “Housing in this nation is like humans entering their mid-life crisis.”

Research on whether age-segregated housing leads to improved health or quality of life is scant and dated; it’s not a subject that lends itself to controlled studies. “It’s still an open question,” said Jennifer Molinsky, director of the Housing an Aging Society program at the Harvard Joint Center for Housing Studies.

If you’re unsure of what to look for or want a more detailed review of your home, experts recommend bringing in a professional. A $150 tax credit can be used for an energy audit, said Carlos Martin, a researcher at the Harvard Joint Center for Housing Studies.

When we cornered Chris Herbert, director of Harvard’s Joint Center for Housing Studies, he humored our endless speculation about more restrictive zoning, NIMBYism and environmental regulation in blue counties. And then he gently explained the more mundane reality: It all boils down to land availability.

“This surge over the past two years has just been such a shock to the affordability levels of potential homebuyers,” said Daniel McCue, senior research associate at Harvard’s Joint Center for Housing Studies.