As housing costs surge and homelessness reaches a critical level, the impact on young baby boomers has been particularly severe. Recent data from the Department of Housing and Urban Development reveals a concerning trend: adults aged 65 and older are the fastest-growing demographic among homeless Americans. This alarming rise has been especially pronounced for those aged 51 and older, increasing from 16.5% to 23% from 2007 to 2017.
The situation is exacerbated for “trailing edge” boomers born between 1956 and 1964, who faced economic challenges early in their careers, leaving them financially vulnerable as they approached retirement. Disturbingly, a 2017 study found that 43.6% of homeless adults aged 50 or older became homeless for the first time after turning 50.
In this crisis, Tampa, FL stands out, bearing witness to some of the steepest rent increases since the pandemic’s onset. With Florida having the second-highest rate of citizens aged 65 or older, and as the state with the largest total number of individuals in this demographic, the need for affordable housing is more pressing than ever. As the number of older Americans is projected to increase by 45% from 2020 to 2040, available affordable housing is dwindling.
For passive investors seeking both social impact and financial returns, investing in multifamily apartments in Tampa, FL represents a unique opportunity. By contributing to the creation of accessible and affordable housing, you can play a crucial role in addressing the homelessness crisis among older Americans, while also benefiting from the growing demand for such properties. This investment not only has the potential for significant returns but also allows you to make a positive difference in the lives of those in need.
