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According to data from the United States Census, about 1 in 6 Americans were age 65 and over in 2020. As Baby Boomers and other generations continue to age, we’ll continue to see a reflection in real estate trends.
Many Americans want to stay in their neighborhoods and communities as they get older. In fact, 75% of people aged 50 or older want to remain in their homes as they age, according to an AARP survey from 2024. By aging in place with proper modifications, older people can maintain their daily lives and sense of self.
When a person continues to live in their current home as they grow older, it’s considered aging in place. This home could be the one they spent most of their childhood in or a downsized space.
Aging in place has numerous cognitive and health benefits for older adults. Along with retaining their social relationships, a person can continue to maintain their independence and sense of identity.
With some home modifications, a person can remain in the same community and space without the maintenance, expense, and potential nuisances that come with remaining in a larger home.
The main goal of renovations for aging in place is to allow older people to live safely and independently in their home for as long as possible. The Spruce recommends installing these upgrades before they’re necessary to reduce costs and better prepare yourself to accommodate unexpected circumstances.
According to a 2020 Census report, only 10% of American homes are “aging ready,” which is defined as having a step-free entry way and access to a bedroom and full bathroom on the first floor. However, accessible homes are great for all, even younger households. Smart home technology and bathroom renovations, for example, are highly sought after.
Consumer Affairs predicts that 57% of US households will have at least one smart home device in 2025, such as video doorbells, automated security alarms, and video refrigerators. Out of those that already have smart home features, 77% say the technology has positively impacted their quality of life, with nearly half saying their devices increase their feelings of safety and security.
According to a Houzz Bathroom Trends study from 2024, 64% of renovating homeowners aim to address aging-friendly needs in bathroom remodels, with grab bars and non-slip floors being the top two most desired features.
We can help you renovate your home to reflect the changes you need! Our FHA 203k Renovation loan programs may be used for minor or major non-structural adjustments for your existing home or a new purchase. Eligible homeowners that may lack perfect credit can benefit from a USDA Renovation. Ready to hear more about financing as you age in place? Contact us today!
Homestead Funding offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.
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