HCSHQ_102021

October 2021 — Health Care & Senior Housing Quarterly — Page 15 www.crej.com INSIDE S tudies show that by 2050 Colorado Springs is projected to be the state’s most popu- lated city, driving up costs and demand for housing. Rising housing prices mean there are fewer affordable options for local police, health care workers, teach- ers and others to live, threatening the strength of the local economy and the fabric that holds the thriving community together. According to the Affordable Hous- ing Collaborative, an hourly wage of more than $38 is needed to afford a median priced home in Colorado Springs. Nearly 45% of the local workforce earns less than $20 an hour. In early 2020, one in three El Paso County house- holds were cost- burdened, meaning they spend more than 30% of their income on housing. And median home prices have risen 76% in the last decade, while wages have grown only 12% during that same period, meaning homes are becoming increasingly unafford- able. And for seniors, options for afford- able housing are a top concern. Many live on fixed incomes and do not drive anymore, making the region’s elderly population particularly vul- nerable to rising rents. Seniors often are in a position of having to make difficult choices between paying the rent, buying food and being able to afford medications. According to Aging in the Pikes Peak Region, the population of resi- dents 65 and older is projected to grow by 179% from 2015 to 2030. At the same time, the population of residents 85 and older is projected to grow by 337%. Colorado is the third- fastest-aging state in the nation. And the Colorado State Demogra- pher recently released data noting that the number of people 65 and older in Colorado has more than doubled in the past 20 years. That age group will make up 20% of the state’s population in 2050. This is not a developer or home- builder’s problem – it is a community problem. The public, private and philanthropic sectors must think creatively to address the affordable housing crisis. Southern Colorado’s Pikes Peak Real Estate Foundation, a division of the Pikes Peak Community Founda- tion that helps the community use How one company continues to move forward despite challenges from past year and a half Designing inspired senior living communities requires some updated thinking Industry perspective Design trends PAGE 19 PAGE 20 Sam Clark Executive director, Pikes Peak Real Estate Foundation Emergency preparedness for senior living communities is changing due to the pandemic New regulations PAGE 17 Partnership solutions to address affordability crisis October 2021 Please see Page 21 Kevin Bree, Unsplash For Colorado Springs seniors, options for affordable housing are a top concern. Many live on fixed incomes and do not drive, making the region’s elderly population particularly vulnerable to rising rents. According to Aging in the Pikes Peak Region, the population of residents 65 and older is projected to grow by 179% from 2015 to 2030. At the same time, the population of residents 85 and older is projected to grow by 337%.