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Aging in place -- moving costs money -- and so does staying home
Wed, 05/01/2024 - 15:55 - Laurie Orlov
Aging in place -- sounds good, but for many, it won't work. The optimistic older adults like their home -- and they tell survey firms that they're going to stay. We've heard this before. Ironically, in those days, it may have been a practical idea -- but as older adults age into the years in which they need care, the rising cost of the care they need may outpace their ability to pay, so what then? Family members help out if there are any, if they can, if they're nearby, and if they are willing. A lot of ifs. For the rest, we are entering a period in which more creative options will be needed and some old words, like 'roommates' and 'co-housing' will resurface.
Majority of US homeowners plan to ‘age in place’. Adults age 60+, many of whom own their homes outright, plan to stay in them as they age. 78% indicate that intent, and even those with mortgages have such a low rate that there is no incentive to move. This has created a shortage of entry level housing for young adults, according to Redfin.
Business opportunity – tech for aging in place that leverages home networks. The ForbesHealth survey about aging in place may reveal a market opportunity for local tech service providers to message/market their ‘aging well’ offerings, including home networks that enable telehealth, in-home fall detection and remote safety and health monitoring. According to the survey, despite the fact that responders worry about falling or needing medical attention, the only tech surveyed was a medical alert – and even that was only in use by 9% of respondents.
Aging in place has multiple implications. The side effects of this intent has an impact down the road as physical limitations and issues emerge, people are move into senior housing communities at a later date and with more care needs. This is motivating senior housing operators to create additional service offerings to fund staff and capture new revenue.
Staying home and obtaining care costs more and more. In addition to the rising acuity of senior housing residents, remaining at home is costing substantially more, with costs increasing 14.2% since March of 2023 to a nationwide median of $75,000.
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