Aging in Place: Senior Population Projections Age Group 65 and Over 2015 to 2050
This is the first factoid in a series of four factoids exploring the growing trend among seniors called “Aging in Place.” On average, 10,000 people are turning 65 every day. By 2030, one in five people will be 65 and over. Now facing decisions on where and how to spend their aging years, a majority of these early Baby Boomers want to stay in their homes.
This has spawned an entire remodeling industry that includes construction to modify and retrofit homes for safety and convenience as well as interior design geared to the aging – including furniture, flooring, and lighting.
Senior homeowners remain key to the U.S. economy with Baby Boomers now entering their retirement years. In the last 10 years alone, the population 65 and over group has grown almost 30 percent and many have adopted the “Aging in Place” philosophy.
As shown in Table A, the number of householders age 65 and over is expected to grow to 56 million in 2020. From 2015 to 2030, this age group should increase over 52 percent – jumping to 73 million. At a projected 84 million by 2050, 20 percent of the population will be 65 and over.
Source: U.S. Census Bureau, 2014 Population Projections