We have been doing research on the population numbers for the State of Ohio and Lake, Geauga and Lorain County.
Using the raw data from the U.S. Census Bureau and the Center for Community Solutions, we projected the population by age ranges Under 20 / 20 – 44 / 45 – 64/ 65+ through the year 2030.
We then complied a schedule trying to quantify how many seniors will be paying more than 30% of their annual income on their mortgage, utilities, and property taxes. [Housing Affordability Threshold]
Of Lake County’s estimated 2030 population of 227,176, the estimated population of those 65 or more years of age will be 62,109 (27.2%). Approximately, 1,985 will be living in a nursing home, with the balance of 60,034 either renting or living in their own home. Approximately, 82% will own their own home with 18% renters.
It is estimated that by the year 2030, 19,122 of Lake County seniors (~31%) will be paying 30% or more of their annual income on housing. They will have exceeded their housing affordability threshold.
The 19,122 represents ~8.4% of the Lake County estimated population of 227,176 will be priced out of their homes. This is assuming that their are NO NEW PROPERTY TAXES! We know that is not a valid assumption, and the number will be higher if we stay on our current path of ever increasing property taxes.
We are warning our politicians, and those in positions to do something about this issue, that there is trouble ahead for our senior citizens and their housing costs.