Aging in place is beneficial for older Americans on several — including familiarity with the living space, maintaining independence, staying connected with their friends and relatives, and avoiding the high costs of long-term care facilities.
But even if people want to age in place, they may run into challenges with their home’s suitability for it. If the home doesn’t already cater to senior living needs, then affordability challenges with renovations are an issue to overcome.
“Over half (53%) of older adults report that maintenance and repair costs, along with concerns about property taxes and daily living expenses, are significant obstacles to aging in place,” Point’s survey results explained. “[N]early half of homeowners estimate it would cost over $20,000 to adequately prepare their homes to age in place, with one in 10 believing it will cost over $100,000.”
But preparing a home for aging in place still tends to be a more valuable prospect than a long-term care or assisted-living facility. In-home care, even for part-time assistance, can total more than $21,000 annually. An assisted-living facility can cost $54,000 per year, while a private room at a nursing home can be as much as $116,000, according to statistics cited by Point.
“Neglecting the needs associated with aging in place can also be expensive,” the report said. “Falls are the leading cause of injury among adults over 65, resulting in $50 billion annually in medical costs. Preventative measures such as grab bars and barrier-free entries can decrease fall risks by 38%.”
Median incomes for senior homeowners have also been relatively stagnant at about $50,000 per year for those 65 and older. That figure drops to $37,100 among the 80-and-older population, according to data from the U.S. Census Bureau.
But older homeowners are also sitting on a repository of home equity. Those who are 65 and older had a median home equity level of $250,000 as of 2022.
The survey was conducted with a pool of 1,000 homeowners at or over the age of 50 using SurveyMonkey‘s platform, according to a Point representative.
