As Americans get older, the need for ‘aging-ready’ homes grows

ROANOKE, Va. (InvestigateTV) - America’s population is aging and a recent study found there may not be enough senior-friendly homes to meet demand. In 2019, one in six Americans were 65 or older and by 2060 it will be one in four.

A 2019 U.S. Census data analysis found that “the stock of aging-ready homes across the nation may be inadequate for the growing number of older households.”

The Census categorized “aging-ready homes” as dwellings with a bedroom and full bathroom on the first floor and a step-free entryway.

Experts say multi-generational housing is in demand, but inventory is low.

Heather Simon has spent the last 35 years helping thousands of families find homes as a mortgage lender.

She said she’s seen a lot of trends over the years.

However, in the last six to seven years, she’s seen a change in what her clients need in a home.

“Couples that have maybe lived in their house for 30-plus years, and their house no longer is conducive for them to be able to live in it, like multiple levels. It seems to be a problem,” Simon said.

She said many clients who are living in a home with 4,000 to 5,000 square feet of space find themselves needing one level, smaller homes with aging-in-place features, like a master suite on the first floor, wider hallways, fewer stairs and zero-step showers.

Inventory on those types of homes is low.

“Here in Virginia, there does seem to be a lack of one stories, one level, that would be the right size for a couple that’s downsizing,” she explains.

“But all over the country, we’re having problems with moving our parents into the right place that’s going to fit their health needs, their lifestyle,” Simon said.

Beth Powell agrees. She owns Home with Heart and helps clients downsize their homes. She said there’s inventory out there, but not that helps the aging population.

“Some folks will say, well, a patio home is the answer. A patio home is not the answer because, one, they’re not accessible. Two, they’re very expensive. And if somebody has lived in their home and they’ve paid their home off, why should they go into debt at the end of their life for an enormous amount of money?” Powell said.

Both agree experts need to help the aging population do a cost analysis of the pros and cons of their options: retrofitting an existing home, purchasing a new home, or building a home.

But that takes time and planning.

“If you have a couple that have lived in their house for 30, 40, 50 years and they’ve lived in this 5,000 square foot house and now they have to downsize to a 2,000 square foot house. That’s a huge transition. And it’s a very emotional transition and it is also something that takes months of planning,” Simon said.

Powell and Simon both agree finding that right place for loved ones starts with a conversation before a worst case scenario happens.

Experts say too often that worst-case scenario is after a fall or a crisis hits, and the homeowner is forced to make a choice, a choice they say that is both more expensive and more limited in options.

Both agree the best advice is to work with a team that can spend the time to find the right fit for everyone.

Until the inventory for this population increases, retrofitting an existing home to accommodate multiple generations will likely continue to be a growing trend.