GLIN==> New report: Aging in Place in Upstate New York

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     Aging in Place in Upstate New York

     October 31, 2007




     BUFFALO, NY-The Buffalo Branch of the Federal Reserve Bank of New York 
today released Aging in Place in Upstate New York, the latest issue of the 
Branch's Upstate New York Regional Review. See 
http://www.newyorkfed.org/research/regional_economy/upstate/reg_rev2-2.pdf

     According to author Jane Humphreys, Branch regional analyst, senior 
homeowners may find it hard to remain in their homes as they grow older, or 
"age in place," because of a growing disparity between the features of the 
houses they own and the housing they need.

     The author concludes that demand for housing services and products 
that enable aging in place will likely create opportunities as well as 
challenges for both the private and public sectors.

     This change in demand is likely to be of particular significance in 
upstate New York, where the majority of seniors are homeowners living in 
older, single-family homes that they have owned for a long time.

     "The senior share of the population in upstate New York is larger than 
in most other parts of the country and seniors' homes are often ill-suited 
to aging in place," explains Humphreys. "This suggests that as the 
population ages, the region will experience a growing demand for supportive 
services such as health care, transportation and accessible housing, which 
may pose significant challenges to local governments and community-based 
organizations but also create new business opportunities."

     Aging in Place in Upstate New York >> 
http://www.newyorkfed.org/research/regional_economy/upstate/reg_rev2-2.pdf

     Contact:
     Andrew Williams
     (212) 720-6143
     (646) 720-6143
     andrew.williams@ny.frb.org

     Katie Krawczyk
     (716) 849-5014
     katie.krawczyk@ny.frb.org