By this point, the information should be second nature: Aging in place is an increasingly common desire among homeowners who want to save money, avoid costly assisted-living facilities, stay connected to their communities or all of the above. As the preference grows, one group — homebuilders — is uniquely positioned to address these desires and profit from them. This is according to an article published by Kiplinger , which took a closer look at the dynamics associated with the cost of living, and the kinds of renovations needed needed to facilitate aging in place versus another arrangement. “The cost of nursing home care is soaring: $9,000 per month, on average,” the column stated, citing data from Genworth Financial . “In big cities, where everything costs more, that figure is $13,000. Persistent staffing shortages are a major cost driver. Staying in an assisted-living facility averages $5,500 per month, or $7,000 in high-cost metros.” In-home care, meanwhile, can vary significantly between $3,500 to $7,000 per month. Staying at home is often not a cost-free option, since it often requires renovations to a home to make it more accessible for people likely to experience some kind of mobility issues as they age. But renovations can also be grander. They can include the addition of an entire room to the first floor of a multistory home, bathroom renovations that could require the replacement of a tub or shower with a more accessible alternative, or the addition of a wheelchair ramp leading to the front door.  Builders are more actively thinking about how to efficiently serve these prospective clients. Some people are more forward-thinking about what life will look like, even if they’re not in the senior demographic just yet. “More Realtors are reporting younger clients who say they want a ’feet-first house,’ a place where they can live for the rest of their lives,” the article explained. “One example of thinking ahead: Some builders are stacking closets on upper and lower floors, to create the space for a future elevator, if one is needed. Builders and contractors that are interested can be certified as an Aging in Place Specialist by the National Association of Home Builders (NAHB).” Financing these improvements can be an obstacle too. The article cites a reverse mortgage as a potential financing vehicle for older homeowners, since the debt doesn’t need to be satisfied until the home is sold.

In a traditional sense, the term “silver tsunami” refers to pent-up housing stock that older homeowners will eventually choose to sell, which would have the effect of flooding the market with new inventory. But if prior suppositions about this trend being overblown failed to convince people, new data might make things clearer. More than half (54%) of baby boomers have no intention of ever selling their homes, according to new survey data from Clever Real Estate. This cohort expects to remain in their homes for the rest of their lives, based on responses from 1,100 people born between 1946 and 1964. “There’s a wide variety of reasons homeowners made this decision,” the survey results explained. “About half say their current home fits their lifestyle needs (52%) or they prefer to age in place (47%). “The low housing expenses that come with a fully paid-off mortgage are also keeping 40% of boomer homeowners in place. Owning their house outright may also be a factor for 37% of boomer homeowners who have considered leaving their homes as an inheritance.” This also suggests that nearly 40% of baby boomers not only never plan to sell, but they also intend to pass their current home to family, barring heirs who elect to sell a property. Money does not appear to be an overwhelming driver in this decision, the results suggest. Nearly one-quarter of respondents (22%) said their emotional attachment to the home is the key reason they wish to stay put, while roughly one in five (19%) said they don’t want to give up ties to their community or the friendships they’ve built. But affordability plays a role too, with 25% of respondents saying they simply cannot afford to move to a new home. Another 16% said that staying put is the easiest option considering the cost of an assisted-living facility. “Still, almost all boomer homeowners (90%) have concerns about homeownership as they age, primarily based on growing expenses,” the results stated. “The cost of maintenance and upkeep tops the list (59%), while being able to physically take care of these tasks isn’t far behind (55%). About half (49%) worry about property tax increases, while 42% are concerned about rising utility costs.”  As evidenced in a state like Louisiana , property tax hikes also appear to be pushing more older homeowners to consider a product like a reverse mortgage . About 30% of the group surveyed by Clever plans to sell their home in the next five to 10 years, which means that some of this inventory may not hit the market until the mid-2030s.