Real estate experts discuss senior housing affordability in Prince George's County

On April 9, 2025, a government meeting in Prince George's County, Maryland, focused on the pressing issue of housing affordability for senior citizens. As the population ages, the need for sustainable and accessible housing solutions has become increasingly critical. The discussions highlighted the challenges seniors face in maintaining their homes and the potential options available to them.

A significant portion of the meeting centered around the affordability of housing, particularly for seniors who have lived in their homes for many years. Participants noted that while some seniors may wish to downsize, the costs associated with new construction and resale homes often remain prohibitively high. For instance, new 55-plus communities are starting at prices around $500,000 to $600,000, which many seniors find unaffordable. This situation raises concerns about the long-term viability of aging in place for many residents.

Realtors and community members shared insights on various strategies to assist seniors. One approach discussed was the use of reverse mortgages, which can provide financial relief by allowing seniors to access the equity in their homes. However, this option comes with complexities that can impact heirs, as the mortgage must be repaid upon the homeowner's passing. The conversation underscored the importance of providing clear guidance to seniors about their options, whether that involves moving to a new community or modifying their existing homes to better suit their needs.

The meeting also touched on the need for innovative housing solutions, such as micro-housing or smaller, more affordable units designed specifically for seniors. Participants expressed a desire for changes in zoning laws to facilitate the development of these types of housing, which could help alleviate some of the financial burdens faced by older residents.

Taxation was another critical topic, with discussions about the current tax credits available to seniors in Prince George's County. While there are some incentives, participants noted that they may not be sufficient to address the rising costs associated with property taxes, which can increase every three years. This situation can lead to financial strain for seniors on fixed incomes, potentially putting them at risk of losing their homes due to unpaid taxes.

In conclusion, the meeting highlighted the urgent need for a holistic and sustainable approach to housing for senior citizens in Prince George's County. As the community grapples with these challenges, the discussions emphasized the importance of collaboration among realtors, policymakers, and community members to create viable solutions that ensure seniors can age gracefully in their homes or find affordable alternatives. The next steps involve further exploration of innovative housing options and potential adjustments to tax policies to better support the aging population.