Communities across the country, especially those popular with retirees, are seeing the influx of older residents as a “silver tsunami” — based on population rather than housing stock — is preparing to wash them away.
South Florida — already a popular retirement destination thanks to its year-round warm weather — has been struggling with aging residents and is poised to do more, according to a local report. The Palm Beach Post.
On November 15, i South Florida Regional Planning Council hosted an event called “Preparing for a Silver Tsunami: Planning and Policy Solutions for Southeast Florida Communities.” Officials discussed some of the upcoming challenges the region may face as more and more older Americans move to the area.
The first step, according to the report, is intended to communicate that “South Florida, which is already struggling to cope with a large population of seniors, will see those numbers grow significantly in the coming years.”
Florida already leads the US in the concentration of older adults living there, with more than 18% of the population consisting of residents 65 and older. By 2025, it is estimated that approximately 940,000 residents in the 65-and-older bracket — including 130,000 who are 85 or older — will call the county home.
However, by 2050, these numbers are expected to rise significantly to nearly 1.4 million people at least 65 years old and 312,000 at least 85 years old, according to information shared at the event and reported by the Post.
“If you can’t be stopped by the silver tsunami that’s coming tonight, then you’re not paying attention,” Broward County Commissioner Steve Geller said during the event, according to the report.
AARP He was also present at this event. Laura Streed, senior associate national director for the Florida chapter, told attendees about the demographics. In 2034, he said, people in the 65 and over age group will for the first time outnumber those in the 18 and over age group.
“He and other speakers said that more emphasis should be placed on elderly people being strengthened according to their age rather than going to nursing homes,” explained the report. “Nearly three-quarters of children growing up in the US are already over 65, 20% are over 75 and half will be over 75 by 2030.”
These ways of people appear in other parts of the country. In South Carolina, for example, local officials recently described the need for the state to prepare for an influx of older residents as the area becomes an attractive retirement destination.
Some of the conversations about South Carolina echoed content from the South Florida event.
“At the federal level, you’re going to need more assisted living facilities, more nursing home beds, more medical facilities,” said Frank Rainwater, the organization’s executive director. South Carolina Office of Revenue and Fiscal Affairssaid earlier this month. “It’s good, people want to come here to live and retire. But in our view, how does the government provide resources?”
Florida and South Carolina aren’t the only states expecting to restructure services to meet the needs of an aging population. The high cost of living is pushing older homeowners to retire in place or other novel solutions like taking in roommates.
The latest data from Mortgage Bankers Association (MBA) suggests that the growing popularity of aging in place will constrain housing supply for years to come.
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