Thursday, February 6, 2025

Many Older Adults Plan to Age in Place, However Solely 34% Are Assured They Can Afford It (2023 Examine)

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Information reveals that folks worldwide are dwelling longer. Whereas ageing is a lovely a part of life, it typically comes with some well being challenges, together with; muscle and joint ache, mobility points, and lack of listening to, imaginative and prescient and reminiscence. Regardless of these difficulties, a brand new survey from Right this moment’s House owner reveals that 89% of Individuals over 55 want to “age in place” or develop outdated of their present dwelling. One survey respondent when requested about their ideas on ageing in place stated:

“I’ll keep right here so long as bodily attainable, and if there is a matter I can be involved at the moment. My mother was in a position to dwell independently in her dwelling till she was 95.”

Nonetheless, many lack the mandatory dwelling modifications to comfortably age in place, like out of doors ramps and wheelchair-accessible doorways. Moreover, solely 34% of respondents stated it might be “very possible” to pay for aging-in-place dwelling modifications.

The analysis staff at Right this moment’s House owner polled Individuals 55 and older to be taught extra concerning the motivations behind ageing in place and the monetary feasibility of doing so. We additionally decided the highest cities to age in place utilizing publicly obtainable knowledge on affordability, accessibility, leisure choices and extra. Learn our findings under and go to our Methodology part for additional particulars on how we gathered knowledge for this report.

Key Findings

  • Near 36% of ageing adults can be keen to maneuver for a extra inexpensive value of dwelling, whereas 34% say nothing would entice them to go away their present houses.
  • Relating to ambitions to age in place, most adults are involved about performing day-to-day actions (37%), loneliness (35%) and having the ability to afford at-home care (27%).
  • Getting older in place is simpler in some areas than others: Corpus Christi, TX, Spokane, WA, and Amarillo, TX are the highest three greatest cities to age in place.
  • Throughout the 2 hottest retirement states, Florida and Arizona, solely two cities rank within the high 30 to age in place: Fort Lauderdale, FL (No. 11) and Cape Coral, FL (No. 20).

Staying Unbiased Is a Prime Precedence For 48% of Getting older Adults

Though analysis has proven that older adults who dwell in retirement communities are happier (and infrequently more healthy) than those that don’t, the bulk nonetheless want to age in place. Why is that?

Largely as a result of they want to preserve their independence — the primary motivation for ageing in place for practically half (48%) of our survey respondents. 

The opposite high causes have been dwelling in a totally paid-off dwelling (19%) and an inexpensive dwelling state of affairs (11%). Information reveals that the price of senior housing and care services has been rising, with a median annual value of $54,000 for an assisted dwelling facility within the U.S. in 2021. For a lot of older Individuals, ageing in place would be the extra inexpensive possibility.

Emotional attachment to 1’s dwelling was the fifth-highest motivator for ageing in place. Research have additionally proven that, as we age, we are likely to develop deeper attachments towards objects, which can embody a home. For a lot of, a house is much past only a place to dwell. One in every of our survey respondents defined their purpose for not wanting to maneuver as such:

“I moved in when [I] was 2 and I need to develop outdated right here. My roots are planted.”

Shifting could be emotionally draining at any age, however for a lot of older folks, staying of their houses is non-negotiable.

Some U.S. Cities Are Higher for Getting older in Place

Some ageing adults have important worries about ageing in place the place they at present dwell. When requested about what issues they’d about ageing in place, one particular person responded:

“Too many [concerns] to record. I ought to have already moved.”

Different respondents talked about issues about ageing of their present neighborhood and never having shops inside strolling distance. With that in thoughts, the Right this moment’s House owner analysis staff analyzed knowledge throughout 100 of the most important U.S. cities to find out one of the best cities for seniors to stay at dwelling as they get older. 

We ranked the highest cities for ageing in place based mostly on monetary, well being and security, and group components (issues like focus of retirees, walkability and extra). Our evaluation revealed that the highest 10 cities to age in place are principally in center America, with the 2 outliers being Spokane, Washington, and Pittsburgh, Pennsylvania). However within the high 30, a couple of coastal cities make the reduce, as seen within the map under.

Retirement Hotspots Might Be Much less Favorable For Getting older in Place

Many Individuals flock to Arizona and Florida as they attain retirement. Whereas these could also be favorable states to dwell in a retirement group, knowledge reveals these states will not be greatest for these wishing to age in place. In our evaluation, no Arizona cities ranked within the high 30 greatest cities to age in place, whereas Florida had simply two of its seven main cities rank within the high 30.

Phoenix, Arizona, ranked No. 65 total, faring properly within the monetary together with well being and security classes however falling behind in group metrics (i.e., availability of eating places per 10,000 and variety of residents over 65). Proper behind Phoenix, Tuscon (No. 66) earned fewer factors for monetary components however was on par with Phoenix for well being and security and scored extra factors in the neighborhood space.

Florida had a few cities rank within the high 30 — Fort Lauderdale ranked No. 11 and Cape Coral No. 20. However the subsequent Florida metropolis on the record (Miami) got here in at No. 41. Florida cities misplaced factors primarily resulting from having increased housing prices in comparison with revenue and better threat for pure disasters.

Even With Massive Senior Populations, New England Cities Fall Behind

New England has a few of the highest percentages of seniors. But, in line with our examine, no New England cities made it into the highest 10 — and even the highest 30 — cities to age in place.

Of the 4 New England cities we thought of, the best rating was Windfall, Rhode Island, coming in at No. 48. This was adopted by Bridgeport, Connecticut, at No. 57, and Boston and Springfield, Massachusetts, at No. 78 and 81, respectively. In all of those cities, solely 21% of houses have been one-story, and housing prices have been excessive in comparison with revenue; each components contributed to decrease scores by way of being age-in-place pleasant.

Regardless of Needs to Age in Place, Issues Abound

Although many older Individuals want to age in place, persons are involved concerning the sensible and monetary feasibility. As sustaining independence as a high motivator for desirous to age in place, it’s maybe no shock that the highest concern about ageing in place revolved round shedding independence by being unable to carry out regular day-to-day actions. However desirous to be unbiased does not imply desirous to be alone — that was the second greatest concern for ageing adults.

The three most typical issues for ageing in place have been:

  1. Not having the ability to carry out day-to-day actions (37%)
  2. Being alone (35%)
  3. Not having the ability to afford at-home care (27%)

Not Being Capable of Carry out Day-to-Day Actions

In accordance with our survey, the most typical concern about ageing in place is being unable to carry out day-to-day actions independently. Moreover, when requested to explain their worries about ageing, many expressed issues about counting on others:

“I dwell with [my] grownup daughter and household and am involved that I’ll change into a burden to them, [that] my mobility or well being might change into a burden on their time and independence.” 

“Discovering dependable folks to do the issues I will not be capable to do after I get too outdated to do them…like garden and backyard upkeep.”

“That I must rent extra handymen, landscapers, painters, and so forth as I will not give you the chance anymore to take care of and do repairs on my property alone resulting from lack of vitality, bodily skills and sickness.”

Loneliness Issues

Being alone was the second most typical fear about ageing in place, with 35% of respondents itemizing this as a priority. Equally, 17% stated they have been involved about “being far-off from household/mates.”

Loneliness is a fear past ageing in place however ageing generally. A report from the Nationwide Academies of Sciences, Engineering and Drugs reveals that greater than one-third of adults age 45 and older really feel lonely, and practically one-fourth of adults age 65 and older are thought of socially remoted.

Affording In-House Care 

Prices have been one other concern concerning ageing in place. Whereas “my present dwelling bills are inexpensive” is the No. 3 motivator for desirous to age in place, in-home care (if wanted) is usually extra expensive than transferring into an assisted dwelling facility or nursing dwelling, priced between $59,480 and $62,000.

Some respondents defined affordability issues within the open response part, featured under. Even these with a paid-off dwelling expressed doubts about having the ability to afford in-home care and different bills similar to upkeep and property taxes.

“I personal my dwelling. The one factor I fear about is having the ability to afford help and having the ability to pay the [property] taxes.”

“With the ability to afford to pay for something which will come up restore smart and nonetheless having the ability to pay all of the payments and feed myself.”

“That I will not have sufficient money to pay for rising taxes, upkeep, and so forth.”

Can You Afford to Make Accessibility Modifications?

Funds are a serious concern about ageing generally, and past common dwelling upkeep issues, accessibility dwelling modifications could also be financially out of attain for some seniors. Many respondents stated they have been involved about having the ability to afford to pay for dwelling enhancements that will permit for extra snug ageing in place, like wheelchair ramps for simpler entry into the house or walk-in showers.

Particularly, we requested, “how financially possible do you suppose it’s so that you can age in your present dwelling?” Solely 34% of respondents thought it might be “very possible.” The responses have been as follows:

  • Very possible (34%)
  • Largely possible (28%)
  • Considerably possible (32%)
  • By no means possible (6%)

House Modifications for Getting older in Place

Most adults want to age in place, however their houses will not be well-equipped to deal with mobility and impairment points which will include ageing.

Many Seniors Lack House Accessibility Options

Our survey discovered that the accessibility options most houses lack are door frames large enough for a wheelchair and out of doors ramps for the entrance entrance. Solely 12% of respondents had wheelchair-accessible doorways, and solely 7% had out of doors ramps. Moreover, solely 34% of respondents had seize bars put in of their loos.

On the opposite aspect, greater than half of respondents stated they’d first-floor loos and bedrooms and walk-in showers — all essential dwelling options for adults wishing to age in place.

12% of Getting older Adults Planning to DIY House Modifications

Most respondents (45%) stated they’d rent a contractor to make accessibility modifications of their houses, and 18% stated they’d plan to enlist household and mates’ assist. In the meantime, 12% of adults over 55 aren’t letting their age cease them from planning to deal with DIY dwelling enchancment accessibility upgrades. Lastly, 18% stated they’d not be making any dwelling modifications.

Methodology

The analysis staff at Right this moment’s House owner surveyed 1,000 Individuals utilizing Pollfish, a third-party market analysis and survey platform, to raised preferences and opinions round ageing in place. We collected survey knowledge for this report from June 28, 2023, by means of June 29, 2023. 

Utilizing the uncooked survey knowledge, we weighed responses to align with inhabitants demographics throughout gender and revenue standing to signify all older U.S. adults (aged 55+). The margin of error is +/- 3% with 95% confidence. 

Information collected from our survey and exterior analysis knowledgeable how we ranked the 100 of the most important U.S. to find out the place ageing in place is most possible. We thought of a complete of 13 metrics spanning three classes, proven under:

Funds

Well being and Security

Neighborhood 

First, we ranked every metropolis in every metric, assigning equal weight to each metric aside from median retirement revenue and share of seniors within the space, each of which have been double-weighted. We then averaged the rankings throughout the three classes: funds, well being and security together with group. For every class, cities have been scored on a scale of 0 to 100. We created our remaining rating by calculating every metropolis’s common rating for all three classes.

Questions on our examine? Please contact media@todayshomeowner.org.

Truthful Use Coverage 

We encourage journalists and reporters to share our findings on ageing in place. When you select to take action, please hyperlink again to our unique story to present us correct credit score for our analysis.

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