HomeAdvisor reports a lack of investment in aging-related improvements.
HomeAdvisor was out Monday with its annual report on Aging in Place. What it found is not surprising: many baby boomers do not think of themselves as old and pay little heed to the notion of aging, wherever that may happen. But there is good reason for them to do so, and builders can play a role in informing them. It’s good business, because, as bank-robber Willie Sutton once said, that’s where the money is.
Among the key findings of the report:
Baby Boomers Hesitant to Invest in Aging-Related Home Upgrades
With 61% of homeowners over the age of 55 planning to stay in their homes indefinitely, it’s surprising that few older homeowners are investing in aging-related improvements. In fact, 65% believe their home’s layout is adequate without any aging-related improvement, and over three-quarters of homeowners (78%) have never completed an aging-related renovation.
Older Homeowners Want to Thrive in Place, Not Age
There is a disconnect between the perception of aging in place—adding grab bars and installing wheelchair ramps—and the reality: that many design features can enhance the livability of a home for all ages. Among homeowners who’ve never considered an aging-in-place renovation, 40% say it’s because they don’t have a physical disability that requires it; 20% say they don’t consider themselves old enough yet for such a project.
Smart Home Technology Increases Safety and Livability
Smart home technology can provide solutions for homeowners looking to increase their safety, accessibility and easy of living. Two-thirds (67%) of homeowners over age 55 believe smart-home technology could help them age in place, yet fewer than 1 in 5 (19%) have actually considered installing it for such purposes.