The sharp rise in the percentage of adults 65 and over living in the U.S. may be a testimony to the wonders of modern medicine and improved standards of living. But it is also a warning of the need for governments and the private sector to move swiftly to address the immense housing and help needs this cohort faces as it ages.

The nation's senior population "is increasing at historic rates, up 34% from 43 million in 2012 to 58 million in 2022," according to a new study by the Joint Center for Housing Studies of Harvard University on housing America's older adults. "This growth is widespread, with urban, suburban, and rural communities across the country reporting increases in older residents."

Seniors without the resources to pay for the housing and care they will need will face challenges because housing costs consume a significant share of their income. "In 2021, nearly 11.2 million older adults were cost-burdened, meaning they spent more than 30% of household income on housing costs," the report found. This marked a record high, and an increase of 1.5 million people in just five years.