Reasons to Plan for Aging in Place

Financial Benefits

Long term care (LTC) at a facility can be very expensive. In fact, LTC facilities are three times more expensive than a non-institutional setting, with rates continuing to rise. The U.S. Department of Housing and Urban Development explains that many older adults typically have no mortgage payments, furthering their monthly savings while aging in place as compared to living in a long term care facility. 

Preference to live at home

Living at home for as long as possible in a safe and comfortable environment can yield benefits in costs, mental health, socialization, privacy, and independence. A large portion of older adults ages 50 to 80 (88%) feel it’s important to remain in their homes within their familiar community for the long haul.

Improved home resale value 
 

U.S. citizens are increasing their rate of purchasing multi-generational homes. Baby Boomers (18%) and Gen-Xers (17%) are the generations purchasing these homes. Reasons for this may be to care for and spend time with aging parents, children over the age of 18 are moving back with their parents, or for cost saving purposes. Whatever the reason, an increasing number of home buyers are looking for aging in place or universal design upgrades in their homes.

Modifying a new home may be the best solution

Most Americans live in homes that are older and unable to accommodate wheelchairs, stairlifts, or ramps. In some of these cases, it may make more sense to sell your home and move to a home that can be more easily modified in order to satisfy all of your wants and needs.