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About 60% of the growing number of older adult households in Chicago is made up of Black and Hispanic renters, and the bulk of those are very low income.
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Geoff Smith, executive director of the Institute for Housing Studies at DePaul University, said with so many financially vulnerable seniors, one of the more concerning findings centered around affordable housing for the older adult households.Īccording to the report, most older adult households own their own properties countywide, but the share that rent is rapidly growing in the city. In Chicago, 43% of Blacks, 41.8% of Hispanics and 40.3% of Asians earn less than 30% of the area’s median income, compared to about 23% of whites. The wage gap among older adult households is particularly evident along racial and ethnic lines. That’s twice as many as those that live in suburban Cook County. That is significantly higher than the 9.2% increase in the numbers of older adult-headed households that identified as white.Ĭhicago’s older adult households are also largely lower income, with 35.4% of households earning less than 30% of an area’s median income, or “very low income,” the report states. Between 20 there was an 80% increase in older-adult Hispanic households, nearly 60% growth among Asian households and a 23% rise in Black households. Households headed by older adults are rapidly increasing among Blacks, Hispanics and Asians, the report found.
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Its author says the report aims to serve as a baseline resource to inform policy makers of the critical economic and housing issues facing older adults in the years to come. “The 2021 Housing Needs and Economic Conditions of Cook County’s Older Adults” appears to be the first report to examine the implications of the changes. The growth is fueled by an aging Baby Boomer demographic, experts said. The growth in the county’s older population follows a national trend of seniors as the fastest growing age group. More than 776,000 of those residents are 65 or older. There are about 5.2 million people in Cook County, according to the latest U.S. The city accounted for nearly 45,000 of those households, while 35,000 live in suburban Cook County. The report, by the Institute for Housing Studies at DePaul University, said the county gained nearly 80,000 older adult households between 20 - a 19.4%. Providing affordable housing in Cook County is becoming increasingly important with the rise over the past decade of financially vulnerable residents aged 65 and older, a new report concluded.