Senior Home Ownership: Why It's On the Rise

By Ruby Cemental

As the senior population continues to increase, correlation in numbers to keep their homes is also rising. Baby boomers have worked hard to improve the economy over the years and show no signs of slowing down as they're reaching senior years. Keeping their hard work values and independent lifestyle alive is of high importance.

Growing Population

Over the next two decades, the senior population will double from 6 million to an astonishing 12 million. Many of these seniors will want to keep their independence and will be against transferring to a nursing home, living with other family, or renting. This means they will want to stay in their own home for as long as possible.

It's predicted that by year 2035, 1 in 3 households will be headed by someone over the age of 65 years. All of these homeowner surges will greatly have an effect on healthcare industries, need for nursing homes, and the U.S. housing market.

Addressing Accessibility

Many seniors who will choose to keep their homes will likely need to make changes to their current house. Accessibility factors such as stairs, bathtubs, hard to reach places, entrances to homes, steps outside, handles, and toilets will need to be taken into consideration to make their lives easier. Without these changes, millions of people will struggle to do even the basic daily needs everyday.

Financial burdens are also a concern to senior homeowners. Rise in household debt, drops in pensions, changes to Medicare and Social Security are major concerns. Budget revisions need to be planned sooner rather than later. Public awareness needs to also increase to bring attention to this growing problem.

Caring Senior Service has the experience, compassion, and training necessary for comprehensive home care, and we also offer a wide range of home care services that are all designed to make life easier for seniors and their families. To learn more about the services we provide, contact us today!

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Ruby Cemental Blog Author

Tags: Senior Living

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