The ‘silver tsunami’ will hit South Florida even harder
Communities across the country, especially those popular among retirees, are seeing an influx of older residents as a “silver tsunami” — based on population rather than housing stock — prepares to wash over them.
South Florida — already a popular retirement destination due to its warmer year-round climate — is experiencing a higher concentration of older residents and is poised to attract even more, locals say. reporting by The Palm Beach Post.
On November 15, the South Florida Regional Planning Council held an event called “Preparing for the Silver Tsunami: Planning and Policy Solutions for Southeast Florida Communities.” Officials discussed some of the looming challenges the region is likely to face as an even greater influx of older Americans moves to the area.
The main takeaway, according to the reporting, was intended to communicate that “South Florida, which is already struggling with high concentrations of seniors, will see these numbers increase significantly in the coming years.”
Florida already leads the U.S. in the concentration of older adults living there, with residents age 65 and older making up more than 18% of the total population. By 2025, it is estimated that approximately 940,000 residents aged 65 and over – including 130,000 aged 85 or over – will call the region home.
According to information shared at the event and reported by the Post, these numbers are expected to increase significantly by 2050 to nearly 1.4 million people at least 65 years old and 312,000 people at least 85 years old.
“If the looming silver tsunami isn’t keeping you awake at night, you’re not paying attention,” Broward County Commissioner Steve Geller said at the event, the report said.
AARP was also present at the event. Laura Streed, a senior associate state director for the group’s Florida chapter, told attendees about the demographics. In 2034, she said, for the first time, people in the 65 and older group will outnumber those in the 18 and older group.
“She and other speakers said more emphasis should be placed on aging older seniors, rather than moving into nursing homes,” the report said. “Nearly three-quarters of baby boomers in the US are already over 65, 20% are over 75 and half will be over 75 by 2030.”
These population trends are also emerging in other parts of the country. In South Carolina, for example, local officials recently described a need for the state to prepare for an influx of older residents as the area becomes an increasingly attractive retirement destination.
Some discussions about South Carolina mirror the content of the South Florida event.
“At the state level, you need more assisted living facilities, more nursing home beds and more medical facilities,” said Frank Rainwater, executive director of the South Carolina Bureau of Taxation and Taxationsaid earlier this month. “It’s nice, people want to come live here and retire. But how does the government provide services from our perspective?”
Florida and South Carolina are not the only states that expect to reorient services to meet the needs of an increasingly older population. Higher costs of living are driving more older homeowners toward aging in place or other new solutions, such as hiring roommates.
Recent data from the Association of Mortgage Bankers (MBA) suggests that the growing popularity of aging in place will limit housing supply in the coming years.
