1 in 2 Americans 56 and older never plan to sell the home they live in – is aging really enough?

Depending on your point of view, it’s an uplifting testament to the resilience of the 60s, a potential money pit, or another reason to hate baby boomers: More than half of them don’t want to leave their homes, according to a new study.

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Speaking to 1,100 boomer homeowners, Clever Real Estate found that 54% never plan to sell. The reasons for choosing to “age in place” are financial, emotional and social. You can stay in the home you know and love, maintain your social relationships, and enjoy the benefits of a paid-for home.

But the phenomenon of “aging in place” means much more to baby boomers than sitting by the fireplace with chardonnay and Joni Mitchell records. In fact, it can be expensive and even dangerous.

“Nearly all boomer homeowners (90%) have concerns about homeownership as they age, largely due to rising expenses,” according to the Clever study. “The cost of maintenance and upkeep is at the top of the list (59%), and the ability to physically perform these tasks is not far behind (55%). About half (49%) are concerned about property tax increases, and 42% are concerned about rising utility costs.” About a quarter are concerned about accessibility and mobility issues, and 20% are concerned about living alone.

Aging in place up close

In 2019, the number of baby boomers born between 1946 and 1964 was estimated to be 73 million. Currently, the baby boomer population makes up a significant portion of the one in six people age 65 and older, and by 2030, all baby boomers will be in this age bracket, the Census Bureau says.

If you’re surprised by the idea that one in two boomers will stick around, another recent study shows that the ratio looks modest. In April, Redfin reported that more than three in four older American homeowners (78%) plan to stay in their current home as they age. Of the 900 respondents, 838 were baby boomers.

Partly as a result, Realtor.com reported that the supply of homes for sale at the end of July was 1.33 million units, which the National Association of Realtors says equates to four months of supply at current sales rates. That’s a 20% increase over last year, but well below the six-month supply that economists say represents a sustainable market.

“People waiting for a so-called ‘silver tsunami’ that will upend the housing market and put millions of boomer homes on the market may be waiting longer than they think,” Clever said.

The Wall Street Journal published an article on this topic and noted several reasons why baby boomers, who own half of the total $32 trillion in home equity in the U.S. according to Redfin, remain where they are. Smaller properties are rare in many areas and are expensive. There are strong financial incentives to stay put because baby boomers may have no or low-interest mortgages. If they decide to sell now, they could also face hefty capital gains tax.

Read more: Wealthy young Americans are leaving the turbulent stock market behind – these are the alternative assets they’re betting on

Home care in numbers

According to A Place for Mom, an assisted living and home care organization for seniors, per hour, in-home care can cost anywhere from $21 (Louisiana and Mississippi) to $50 (Maine), with a median of $30. This differs from home health care after surgery or illness, provided by trained physicians, prescribed by a physician, and usually covered by Medicare, Medicaid, and private health insurance.

“Home care can be more expensive than other elder care options. Assisted living may be a better option than home care for seniors who require frequent support with daily living activities and 24-hour supervision,” the report noted.

Moreover, the eternal familiarity of the home you loved so much may be uprooted by other expenses resulting from a change in health. According to the Fixr website, wheelchair lifts can cost up to $15,000, while other costs can include $9,500 to add a walk-in shower or walk-in shower with safety handles and non-slip flooring to your bathroom.

And if you want to remodel your home by adding universal-height sinks and countertops, replacing levers, wider hallways and ramps, expect to spend as much as $50,000, Fixr says. (By the way, get rid of that special rug you and your girlfriend bought while traveling the world – it might make you fly across the room.)

Perhaps aging at home is worth the potential outlay for you. But it’s also worth considering how a retirement community can take the enormous burden of meal preparation, property maintenance, and other household responsibilities off your shoulders that you’d rather not take on.

The national average cost of independent living and assisted living in 2024 will be $3,100 per month and $4,995 per month, respectively, for each A Place for Mom location. Selling your home and accumulating half a million dollars in equity can allow you to live a less stressful lifestyle for 13 years.

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This article is for informational purposes only and should not be considered as advice. It is provided without any warranty.