Aging in Place Will Be Big Business for Home Builders

Remaining at home is most people’s wish as they get older, unsurprisingly. Older folks generally value familiar surroundings and do better in terms of health if they can age in place at home.

With the cost of nursing home care is soaring to $9,000 per month, on average, older people are more inclined to want to stay in their home as they age. Even though staying at home will save some money, it still requires a lot of renovations to make homes safe and accessible for senior citizens.  

Some of the common home upgrades are familiar items: Adding grab bars, wheelchair ramps, widening entryways, adding ground-floor bathrooms if needed, etc. Others might be less obvious: Raising electrical outlets and lowering switches to make them easier to reach, especially for people in wheelchairs. Switching flooring to softer options that cushion falls, like bamboo over cork. Adding pull-out shelves and lowering countertops in the kitchen to make work surfaces easier to reach.

Then there are the big changes: Adding a master bedroom on the first floor. Swapping bathtubs for lipless showers. Installing wheelchair lifts on the stairs. Constructing a wheelchair ramp leading up to the front entrance of the house. 

Builders are increasingly thinking about catering to age-in-place needs, too. More Realtors are reporting younger clients who say they want a “feet-first house,” a place where they can live for the rest of their lives. One example of thinking ahead: Some builders are stacking closets on upper and lower floors, to create the space for a future elevator, if one is needed. Builders and contractors that are interested can be certified as an Aging in Place Specialist by the National Association of Home Builders (NAHB).

Paying for these improvements can be challenging, of course. Older people who are short on cash but have lots of home equity might consider a reverse mortgage, which doesn’t need to be paid off until the home is sold. But read the fine print first to make sure you understand all the terms and conditions before going that route.

For more information see David Payne, "Aging in Place Will Be Big Business for Home Builders" Kiplinger.com, September 9, 2024. 

Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.