Middle America is on the brink of a significant challenge as a growing number of older homeowners face the complexities of aging in place. Did you know that over 90% of adults over 50 want to stay in their homes as long as possible? Yet, the financial and logistical hurdles of making these homes accessible are becoming dauntingly clear.
With historically low mortgage rates, housing prices and hikes in home insurance many older homeowners feel “locked in” to their current residences. While some can afford extensive home modifications for safety and comfort, many middle-income Americans find this nearly impossible.
Home improvement chains and companies are responding to the demand for aging-friendly modifications. Sleeker grab bars, easier-to-use faucets, and other products aim to future-proof homes while maintaining their aesthetic appeal. However, the cost remains prohibitive for many, with bathroom remodels alone ranging from $45,000 to $75,000.
This creates a stark disparity: high-income individuals can afford these renovations, but those with limited incomes struggle to make even essential modifications. This underscores a critical issue – the lack of affordable, accessible housing for our aging population.
Projections show that by 2034, people aged 65 and older will outnumber those under 18. Yet, less than 5% of U.S. homes offer single-floor living with no-step entries and hallways wide enough for wheelchairs. This shortage makes the need for policy interventions clear. Policymakers need to consider tax breaks and financial incentives for longtime homeowners to make accessibility modifications. Given that many older adults have paid off their homes and continue to pay property taxes, tax relief will help alleviate some of the financial burden of aging in place.
The looming crisis for middle-income Americans highlights the urgent need for comprehensive strategies to support aging in place. By addressing financial and structural barriers to home modifications, we can ensure that older adults across all income levels can live safely and comfortably in their homes for as long as they wish.
Check out the National Aging in Place Council to see how we are advocating in Washington, D.C., for tax incentives to help all older Americans age in place safely.
Stay updated with more tips and tricks for aging safely by following How 2 Age Your Way on social media or visiting our website for essential guides, checklists, and assistance with home modifications or moves nationwide. By working together we can ensure safe and comfortable living for our aging population.
Written by: Heather Brooks - How 2 Age Your Way
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