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Most Homeowners Plan to Age in Place

by Leighton, Kelly on

The majority of American homeowners are interested in retiring and aging in place.

According to the Finance of America Reverse’s 2022 Home Equity Loan Survey, 68% of homeowners are somewhat or very interested in retiring and staying in their current home. With so many planning on staying put, 67% reported they are planning to renovate/remodel parts of their home. Eighty-four percent of current homeowners said they plan to live in their current residence as long as they are able. Only about 30% said they are interested in downsizing and buying a smaller home, including about 25% of baby boomers.

With so many homeowners wanting to remain in their homes, it comes as no surprise that the majority of homeowners are happy with their purchase, with 85% of homeowners said buying a home was the best investment they ever made. Additionally, 86% reported their home has increased in value since purchasing it and only 5% said their home had decreased (9% were unsure). However, current economic conditions are causing strife in some homeowners.

Nearly 80% said the state of the U.S. economy makes them anxious and 79% said inflation makes them feel the same way. More than half (53%) said they are concerned about living comfortably in retirement. With that anxiety, consumers are planning for the future and its uncertainty. About 40% said their top financial priority is saving for the future, while 35% said it is saving for retirement. If they had access to extra funding, 33% said they would put it toward updating or improving their home, 30% would increase retirement savings and 26% would pay off their debt.

Ultimately, 93% agreed that home is where the heart is.

Topics

Retirement Aging
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