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The number of Americans aged 65 and older, known as elders or older adults, will increase to 82 million by 2050 (a 47 percent increase from 2022), accounting for nearly a quarter of the US population.1 Many, however, will be financially unprepared for retirement. Currently, one in five households led by people over 50 have no retirement savings, and 61 percent of elders worry about not having enough financial resources to support themselves in later life. At the same time, Americans are living longer and with more chronic diseases, presenting additional challenges to expand and enhance housing and long-term care options to meet growing needs.

Amid the growing demand, there is also a need for diverse care options as many older adults prefer to stay in their homes, while others transition to communities that offer a continuum of care ranging from independent to assisted living services. Unfortunately, many of these options are costly and out of reach for low- and middle-income Americans. In response, in 2024, the Milken Institute released a report, Innovative Financing and Care Models to Scale Affordable Housing Solutions for Middle-Income Older Adults, which outlined four market-based recommendations for advancing the affordable housing market for middle-income older adults. Through this work, it became apparent that the lack of housing and care options is more pronounced for marginalized communities, such as the LGBTQ+ elder community. For these communities, economic disparities, family arrangements that may not include children to help provide care, and social isolation further intensify the challenges of aging.

To address LGBTQ+ elder housing disparities and financing gaps, the Milken Institute partnered with SAGE to conduct a Financial Innovations Lab^® market landscape. From September 2024 to February 2025, the Milken Institute conducted 40 interviews with key stakeholders and subject-matter experts across sectors, including academia, financial services, government, health care, sustainability, nonprofit, and philanthropy. This report summarizes key findings and research from the market landscape, including current funding challenges, stakeholder insights, and a menu of recommendations to sustainably finance and advance the market of housing that prioritizes both affordability and inclusivity for LGBTQ+ older adults.