The gray wave is here

Joel Kotkin and Wendell Cox write:

For years we have been warned about the looming, profound impacts that the aging of the U.S. population will have on the country. Well, the gray wave has arrived. Since 2000, the senior population has increased 29% compared to overall population growth of 12%. The percentage of Americans in the senior set has risen from 12.4% to 14.1%, and their share of the population is projected to climb to 19.3% by 2030. There are two principal causes for this: the baby boom generation is reaching 65 years old, while the U.S. fertility rate has fallen markedly in recent decades, despite immigration, and now hovers around the replacement rate.

One favorite meme of urban boosters is the assertion that seniors are heading to the inner city. The preponderance of evidence shows the opposite. Within the 52 largest metropolitan areas, the urban cores, measured at the small area level (zip codes) have lost seniors to the periphery. Between 2000 and 2010, the urban core senior population declined by 1.5 million, dropping from nearly 15% of the total population to 13%.The losses were pervasive, extending to all the 52 biggest MSAs except for San Diego (and there the urban core gain was miniscule, with 97% of the senior growth occurring in the suburbs and exurbs).

In contrast, suburbs and exurbs together gained over 2.82 million seniors. But the largest increases were farthest from core, in the newer, outer suburbs and exurbs. Together these areas gained 2.4 million seniors. Rather than headed into the core, the prevailing trend has been quite the opposite.

Read more here.