Homebuyers who are part of Generation X — primarily born between the mid 1960s and the early 1980s — should keep accessibility features in mind as they approach retirement, since Americans are increasingly looking to age in place in their own homes once their time in the workforce is complete. This is according to a recent article at the Boston Globe that took a closer look at the kinds of homes that those currently in their mid-to-late 50s may want to prioritize as they look to the future. Not only is it a good idea to think ahead for themselves, the article explains, but many members of Gen X are also a part of the so-called “sandwich generation” where they may be taking care of both their own children, and their parents simultaneously. “So for those considering moving out of the homes where they raised their children, there are some key boxes to check to make living in their next house easiest for everyone,” the story said. The biggest aspect to keep in mind is the one that could make the biggest accessibility difference, and that is keeping the house confined primarily to a single floor. “In most of our remodeling, we use a design technique called Universal Design,” said Brian Harvey, owner of Boston-area business Harvey Home Modifications . “That essentially is a design that will serve anyone of any physical capability in the house.” Keeping in mind what is not needed is also a useful exercise, he said, and ensuring that door frames are wide enough to accommodate wheelchairs could be beneficial for any current or future wheelchair users that do, or will, reside in the home. Bathrooms are also a major focus, since they can often serve as common sites for falls or other accidents since slippery, wet surfaces can be easy to find. “If the home you’re hoping to buy doesn’t have the accessibility you’re looking for, you’ll want to check with a contractor to see what kind of renovations are possible,” the story said. One of the ways the reverse mortgage industry has aimed to position the potential value proposition for prospective borrowers is by the ability to use the loan proceeds to fund home modifications. The U.S. Department of Housing and Urban Development (HUD) has also given attention to home modifications specifically for aging in place. This past summer, the department greenlit a new round of grant funding specifically to assist more older Americans with aging in place.  Reporting earlier this year by the Associated Press (AP) also tracked the increasing desire of older Americans to remain in their homes for longer, illustrating how they were increasingly “splurging” on home modifications to better fashion their living spaces for later life’s natural mobility limitations. Home improvement retailers have also taken notice, with The Home Depot refreshing an in-house brand with accessibility in mind for things like grab bars and easier-to-use faucets. In 2021, Lowe’s established a single stop for items including wheelchair ramps and shower benches, the AP reported.

There is likely to be a “modest” amount of excess home supply driven by demographic changes as older homeowners move out of their homes or die. But the aging U.S. population is not expected to be an outright source of change to home-price projections over the next 10 years, according to a newly updated report on homes owned by baby boomers .  “First, based purely on changing demographics, over the next decade there was projected to be a modest amount of excess supply of homes for sale as older homeowners age and die — around a quarter million units annually,” according to the report published by the Mortgage Bankers Association (MBA). “Second, housing supply and demand shifts from changing demographics are slow moving and highly predictable, which suggests that there would not be measurable effects on house price growth from population aging and mortality.” The report projects that over the next decade, there will be a “negative excess supply of homes for sale,” which will fuel a demographic mismatch between supply and demand during that time. Much of this is driven by the fact that baby boomers, as previously documented , are not selling their homes at the same levels as previous generations. “Since 2015, there has been a sizable increase in the homeownership rate among those 70 and older,” the report said. “This, combined with a larger base of older Americans from the aging of the baby boomers, has led to a greater number of existing homes held onto longer. “In contrast, pre-2015 homeownership patterns would have predicted that these homes would have been sold. So, older Americans are holding onto their homes longer, and there are more of them.” This could serve to raise existing home supply in future years, but demand will continue to outpace supply in the here and now. “The findings highlight the varying patterns for older Americans as shifting demographics, the pandemic, and overall buyer attitudes have impacted buying and selling decisions,” said Edward Seiler, executive director for the Research Institute for Housing America and associate vice president of housing economics for the MBA “It is evident that older households are aging in place , leading to updated predictions that show that there will be no excess supply of homes to the markets from older Americans moving or dying over the next decade. The report also projects that there will be “over 8 million homes supplied by older Americans as they age and die,” which will rise to roughly 9 million over the next decade. Of that total, “approximately 1 million will be due to the death of older Americans.”