Studies show Americans poised to retire are changing the standard pattern for their golden years. They have no desire to sell their home and move to the Sun Belt to sip cocktails by the pool at a 55+ community.
According to a 2021 AARP Home and Community Preferences Survey, 77% of adults age 50 and older want to remain in their homes as long as they’re physically able. Being close to family friends and remaining in a community they love are the top reasons they’re choosing to age in place.
Aging In Place Has Financial Advantages Sense
If you’ve paid off your mortgage, you’ve already eliminated your highest expense in retirement: housing. Even if you’re close to paying off your home, your monthly mortgage payment is likely much lower than the cost of renting an apartment or buying a condo.
Add to this, your home can appreciate in value over the years. The current national average home appreciation rate is 14.5% year over year. When you crunch the numbers, it adds up to a higher profit if or when you do decide to sell your home.
“According to the CDC.gov website, one out of four adults in the U.S. fall each year and many result in an injury.”
Make Your Home “Retirement Ready” While You’re Still Working
There are a number of ways to update your home and make it more retirement-friendly while you’re still working.
Flooring & Stairways: According to the CDC.gov website, one out of four adults in the U.S. fall each year and many result in an injury. Look for ways to make your floors as slip-resistant as possible. Indoor stairways should have two handrails on either side and an extra handrail for landings for additional safety. For outdoor steps, add sturdy handrails and reflective tape to the steps. Adding lighting to outdoor steps is even better.
Light Fixtures & Switches: Poor indoor lighting is another cause of falls. Add bright overhead light fixtures with 3-way switches that enable you to turn lights on/off from two different locations. Also consider adding nightlights to halls and on indoor stairs for added safety.
The Kitchen & Bathrooms: Look for ways to make everyday living easier. Cabinet and drawer handles that are easy to grip and pull. Easy-to- reach slide out organizers for cabinets in the kitchen and under the bathroom sink. Upgrade your bathroom with grab bars and rails in the shower, by the tub and near the toilet.
As the saying goes, “home is where the heart is.” Remaining in your home and community when you retire can provide a sense comfort, security and self esteem.
