We’ve previously highlighted the fact that most older adults want to continue living in the community, rather than move to a long term care facility, as they get into their later years. Two new surveys confirm that sentiment. First, a recent survey by Fannie Mae has found that 56% of homeowners aged 60 and above never want to sell their current homes (which may be causing problems with our housing stock in many communities). And in another recent survey, 92% of older adults questioned said they want to live out their later years in their current home, rather than in a long term care facility such as assisted living. It’s obvious that the overwhelming majority of us want to continue to stay in our current communities. That’s an understandable choice, but is it maintainable in this day and age? For a basic review of what it means to “age in place,” click here.

In many ways, continuing to live in a community-based home rather than a facility is not only understandable from an individual perspective but preferable from a policy perspective, given the aging of our population, the challenges of sufficient staffing in facilities, and the expense of paying for housing and care in assisted living or skilled nursing programs. In fact, in some areas, communities are developing programs specifically to support seniors after a hospitalization to help ensure they remain at home rather than need to return to the hospital or enter a long term care community. You can find out if such post-hospitalization support programs exist in your community by checking in with your local Area Agency on Aging. 

Of course, there are always concerns about older adults living in the community, especially if they live alone or have physical disabilities that make it difficult to navigate the environment. In a recent Forbes survey on safety and aging in place, survey respondents overwhelmingly said they felt happier and safer in their own homes, along with the enjoyment of continuing to live close to friends and family. They did admit to concerns, however, such as falling, loneliness, and needing help with daily activities. One other worry that individuals and their families both had about living in the community? The affordability of the choice: both in terms of access to help at home along with the costs of maintaining a home in this day and age. 

The costs of health care and personal homemaker services have risen sharply, as inflation and labor costs have pushed the expense of home care to soar by double digits in the last few years. It’s reached the point that depending upon circumstances, moving to an assisted living facility could be less expensive than continuing to age in place, and it may be harder to access affordable care at home in more rural settings. However, in many urban areas, it’s still cheaper to live in the community rather than enter an assisted living facility (Philadelphia ranks number one on this list), But even if you can afford the costs of home care, can you still afford the costs of the home you’re living in? Everything from insurance premiums to property taxes to home maintenance costs have skyrocketed in recent years, making it much more expensive to maintain a home, let alone make modifications to ensure a safe environment as you get older.

And if you decide you can’t afford to continue living in your current home and you want to downsize to a cheaper place? That’s not so easy either. Given the current housing crunch and high mortgage rates, many older adults who would like to continue living in the community but in a less burdensome place are stuck: they don’t want, or can’t afford, to stay but can’t find a new place to go. Even if you have no mortgage on your current home (and over 40% of older adults do still have a mortgage), the costs may mean it makes no sense to stay- but as one stuck homeowner made clear, “Where would we go?” So, while aging in place is the ideal, reality may get in the way of that goal for many.