Majority Can’t Afford Aging in Place

As many as 80% of those 60 and older cannot afford to age in place, according to HousingWire, NPR and data from the National Council on Aging. This is roughly equal to 27 million households. 

These results were found by analyzing the financial state of older Americans, comparing income, housing value, retirement and other savings alongside the cost of long-term care.  

Although assisted living comes with its own costs, aging in place can pose additional financial challenges that a lot of people overlook. While many older Americans want to age in place, it’s important for them to consider the expenses that can accrue. 

For example, even if their mortgage is paid off, older Americans aging in their homes will still likely need to pay for: 

• Household bills 
• Groceries and other necessities 
• Home maintenance and repairs 
• Landscaping and yard upkeep  
• Property taxes 
• HOA fees 
• Home insurance  

In addition, they may accrue new expenses or need to hire help with everyday tasks as they age. These may include: 

• Increased medical expenses 
• Housekeeping and cleaning 
• Meal preparation or meal delivery  
• Transportation  
• In-home nursing care or personal aides 
• Home modifications for accessibility 

Retirees living on fixed incomes may face challenges when trying to meet these additional costs. While aging in place can have multiple benefits, data suggests the majority of older Americans are not currently financially able to do so.