aging in place

Aging in place is a business opportunity as much as it is a personal strategy.  The apparent enthusiasm for aging in place has fueled interest among home builders. Consumer aging in place desires provide work for home remodelers, adding features that make a home more accessible as people age. But for older adults, the motivation for aging in place is also an economic necessity.  The monthly cost of moving into senior housing, above $5500 nationwide, is out of the reach of most people. Remaining in a home and planning modest remodeling modifications will be the approach for most who want to stay.

The 2024 media message touts aging in place. It’s what everyone wants to do, even those with homes that are difficult to navigate, long distances from family, and must have major modifications to enable remaining there. Yet you read this message nearly every week  -- Next Avenue lauds the benefits, sponsored by Lively from Best Buy Health.  Fortune tests home monitoring systems they say are critical to Aging in Place.  And USA Today publishes a survey that underscores the desire to age in place. So what is the market of tech that will support this goal?  AARP calls it AgeTech – and has a startup directory of new entrants, including categories of health, mobility, caregiving and more.  But that is a list, not a solution.

Aging in place -- sounds good, but for many, it won't work.  The optimistic older adulta like their home -- and they tell survey firms that they're going to stay.  We've heard this before.  Ironically, in those days, it may have been a practical idea -- but as older adults age into the years in which they need care, the rising cost of the care they need may outpace their ability to pay, so what then? Family members help out if there are any, if they can, if they're nearby, and if they are willing.  A lot of ifs.  For the rest, we are entering a period in which more creative options will be needed and some old words, like 'roommates' and 'co-housing' will resurface.

You know homeowners plan to ‘age in place’ – repeated across all surveys.  It makes sense to them – they like their homes, locations, their familiar neighborhoods, shops, their friends, and neighbors. Statistics underpin the goal for 93% of adults 55+.  And they are willing to spend on services to enable them to remain there – home security, food and supplies delivery, and transportation services if they choose to or must go places without driving. They have fueled growth in the home remodeling businesses, spending on bathroom modifications and other aging-related enablers, especially home care – which may be an out-of-reach luxury for many.