Aging in Place Presents Financial Challenges

It’s no secret that America’s aging demographic is continuing to grow, and many prefer to age in place. 

But one of the barriers seniors face are homes that are not able to support their specific needs as they age, notes the National Association of Area Agencies on Aging (n4a) in a new report.

“Nearly 30% of homeowners age 65 and over live in homes built before 1950 that may require more maintenance and are less likely to have been updated, thus presenting financial challenges to maintaining the home and aging in community,” n4a says.

The income of people age 80 and older is less than half that of households led by those who are 50-64 years old, data show.

“At least one-third of older adults say they are not confident their current home will remain affordable as they age,” n4a says. 

By the year 2030, nearly 20% of Americans will be age 65 or older, up from 13% in 2010, data show.  

“Older adults frequently find themselves living in homes that are too large, too remote, too inaccessible, or otherwise no longer suitable as their needs change,” n4a says. “In some cases, aging in place home modifications can enable individuals to remain in their homes for many more years.”

Read the report here

Written by Cassandra Dowell

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