As the population ages, one of the most significant challenges older adults face is the rising cost of housing and long-term care services. The combination of expensive housing in urban areas such as Boston, coupled with increasing healthcare costs, creates a significant financial burden that impacts older adults’ ability to secure stable housing and access the assistance they need.
In the U.S., nearly 1 in 4 older adults struggle to afford both housing and safe and reliable care. According to a 2023 report from the National Council on Aging, over 25% of adults aged 60 and older spend more than 30% of their income on housing. At the same time, the cost of long-term care services continues to rise. The average annual cost of a nursing home is over $100,000, and home health aide services can cost upwards of $50,000 a year. In the Greater Boston area, these expenses are much higher, and for those on fixed or low incomes, these costs are out of reach.
The reality is that many older adults are forced to choose between paying for housing or the care they need. For some, this means relying on relatives to provide informal caregiving. This not only places financial strain on family members, if they’re even available, but also takes an emotional and physical toll on all involved. A 2022 AARP study found that family caregivers spend an average of 24 hours per week providing care, with 63% reporting negative effects on their own health and well-being.
As the financial gap grows, the consequences are serious: an increasing number of older adults are facing housing instability or unmet care needs. The lack of sufficient subsidies and support for both housing and long-term care continues to prevent many from living comfortably and with dignity.
At Lend A Hand, we recognize the challenges older adults face, and we are committed to helping bridge the gap. Our grants provide direct financial assistance to help seniors maintain their housing and ease the burden of high living costs. We strive to give older adults greater stability and peace of mind.