Commercial PropertyRespect Your Elder Housing Consumers: May Is "Older Americans" Month
With the real estate industry"s eyes on seniors and baby boomers, it"s appropriate to acknowledge Older Americans Month this May.
According to the U.S. Census, there are 36.3 million people aged 65 and older in the United States as of July 1, 2004, accounting for 12 percent of the country"s population. Between 2003 and 2004, the size of this age group increased by 351,000 people.
By 2050, the Census projects there will be 86.7 million people aged 65 and older, comprising 21 percent of the population. That"s a 147 percent projected increase in this age group between 2000 and 2050.
The median net worth of householders age 65 or older in 2000 was $108,885. Householders under the age of 35 had a median net worth of $7,240. By 2004, older householders" net worth was $24,509. Nearly 10 percent of older Americans live at the poverty level.
Thirty-nine percent of total annual personal income of people 65 and older comes from Social Security payments.
Over half of older Americans are married, and 31 percent were widowed as of 2004. There are 72 men age 65 and older for every 100 women in this age group. For those 85 and over, it drops to 45 men per 100 women. Nearly 5 million Americans are over the age of 85.
Older Americans carry a lot of clout. Approximately five million older Americans are still in the work force. Nearly 80 percent are registered to vote, with approximately 71 percent reporting that they cast a vote in the 2004 presidential election, making up 41 percent of voting Americans in 2004.
Over four in five older Americans own a home, versus 43 percent of householders under age 35.
Americans are projected to live longer. As of November 1, 2005, there were 67,473 centenarians in the U.S. By 2040, there will be approximately 580,605 centenarians living.
Where do older Americans live? The states reporting the oldest populations are Florida (17 percent of population) and West Virginia, Pennsylvania, North Dakota and Iowa at 15 percent each. The largest population of older residents is in California at 3.8 million. Florida has 2.9 million older residents.
Nearly eight out of ten have automobiles and four out of ten have a computer at home. One-fourth of people aged 65 or older use the Internet.