As we previously posted about the idea of “aging in place,” a majority of older adults seem ready and willing to live out their days in the communities in which they have lived rather than move out of the area or enter a long-term care community. Real estate data seems to bear this out. Apparently, most Americans 65 and older have owned their homes for at least 23 years and the typical homeowner these days is living in his or her home much longer than in previous years. With people living longer and limited availability of smaller, less expensive places in which to downsize, older adults are staying put, suggesting a booming business for those who help to remodel to “age in place.” Consequently, this creates frustration among younger families who cannot move into the larger homes that baby boomers were expected to vacate. Homeowners who choose to age in place may want to stay in their beloved communities, but rising property taxes, home repairs, and maintenance mean it’s not necessarily an inexpensive choice. In fact, the aging-in-place trend is so strong (and lucrative) that asset managers have created investment vehicles focused on the technologies and services that are supporting older adults aging in their communities.

But many of these older homes were never intended to support older residents with different needs. In fact, it’s estimated that only 10% of homes are set up to accommodate older adults. Data shows that 28% of older adults living in their homes already have trouble using some part of their home due to impairment or incapacity. Different geographic locations are also better suited to adapt to older residents. For example, Northeastern homes tend to have several levels because of lot size limitations (creating problems with stairs), while homes in the south and southwest tend to have more one-level homes, which is better for aging in place. Given the adjustments and modifications that many will need to live safely and comfortably in their homes in the community, the question is what level of modifications will need to happen and how expensive will this be?

Putting aside for a moment the home remodeling and modifications, just considering the household and personal care services that one might need to avoid going to a facility is dizzying. For example, on the high end, aging expert Carolyn Rosenblatt writes in Forbes about the high costs of providing round-the-clock care for those both physically and cognitively impaired, not to mention the level of responsibility and oversight that falls on involved families. While Rosenblatt’s examples painted a costly expenditure of up to $50,000/month for this round-the-clock care, few of us could ever conceive of having or spending that much to keep a loved one at home. However, others have suggested that in-home care alone could easily run $5000/month, a figure also out of reach for most of us. 

With regard to the costs of remodeling and renovations, those depend on your budget, your current layout, and what you hope to achieve for a safe and comfortable living environment as you get older. Experts recommend you hire a Certified Aging In Place Specialist (CAPS) who is trained to evaluate your home for necessary modifications and renovations in order to allow you or a loved one to age in place in the residence. The CAPS alone will likely cost you about $500 to evaluate your current living situation, and then there will be expenses involved in supplies, hiring contractors, potential permits, and other extraneous expenses. Everything from relocating bedrooms to main floors to eliminating thresholds in showers and entryways to widening doorways to accommodate wheelchairs (36 inches is ideal), to adding ramps or even installing elevators can all be costly (though necessary) expenditures. To find a CAPS to help you create your own “forever home,” click here. Acknowledging that not everyone who wants to age in place can afford such expenses, Habitat For Humanity has now created its own support structures to assist older adults to age in place. Find out more by reading here. So, while there may be no place like home, you may need to do and spend a lot to stay there.