Weighing the Costs of Aging in Place
Posted on March 15, 2017 in Active Aging, Health and Wellness, Home Care, Senior Lifestyle Options
According to a new survey by Freddie Mac, more than two-thirds of homeowners - 43 million people - say they want to age in place. However, aging in place may come at a significant financial burden to homeowners when retrofitting to accommodate physical limitations.
Almost a quarter of respondents to Freddie Mac’s survey say they will need major renovations in order to stay in their homes the rest of their lives. Half of those expressed concerns about the ability to afford those renovations.
Simple renovations, such as grab bars, may cost anywhere from $100 to $270. But major retrofitting could climb as high as $13,000 for a bathroom remodel. The Joint Center for Housing Studies (JCHS) says the following accessible features are essential when retrofitting a home to age in place:
- No step entries
- Single-floor living
- Lever-style handle and faucets
- Extra-wide hallways and doors
- Accessible electrical controls
The JCHS says only 3.5 percent of homes currently have accessible features.
“Nearly a quarter of all baby boomers are going to be faced with the financial realities of aging in place, which can range from a few hundred to thousands of dollars,” says Sean Becketti, Freddie Mac chief economist. “Of course, the cost depends on the type and condition of the home. Many older homes, such as many of the Colonial-style homes common in the Northeast and Midwest, may not be good candidates for retrofitting. For some of them, aging in place … may not even be a possibility.”
Life plan communities, such as Ohio Living’s 12 communities throughout the state, already have these types of features in place to help meet physical limitations that come from aging - without the need for costly renovations and remodels – while offering the independence you desire. Additionally, there is peace of mind in knowing various levels of assistance and healthcare are there if you need it in the future. Click here to find a life plan community near you.
However, home health services can provide the help you need to remain safe and comfortable in the place you call home. Ohio Living Home Health & Hospice offers affordable, comprehensive programs that give adults the help they require and the confidence they need to stay at home, living the life they choose. A menu of options allows those we serve to select as much or as little assistance as they need. Click here to find a location near you.