As the unfolding COVID-19 pandemic ravages the nation’s economy, the ranks of seniors requiring affordable housing and care will escalate, warns a recent National Investment Center for Seniors Housing & Care-sponsored blog.
NIC last year identified this cohort as vulnerable in “The Forgotten Middle” middle market senior housing study.
That investigation found that 54% of seniors already cannot afford today’s senior housing product, based on a monthly cost of $4,500. Nor do they qualify for assistance under the Medicaid program.
“Given the COVID-19 pandemic, the need for housing and care for the ‘Forgotten Middle’ is only going to get bigger,” NIC Chief Economist Beth Mace said.
She said it’s very possible more seniors will draw down savings and join the ranks of those unable to afford needed housing. At the same time, more of today’s middle-income seniors could fall into the low-income category of seniors dependent on Medicaid, putting more strain on an already overstretched program, she added.