Boomers Want to Age in Place. NewsWire

NewsWire: 1/7/22

• Fully 88% of Americans age 55+ want to stay in their homes for as long as possible. Roughly half of these homeowners are are also "open" to "sharing" their homes (that is renting rooms). (Silvernest)
• NH: We often write about Boomers’ aversion to institutional living. Instead of settling down in large-scale retirement communities, many prefer to “age in place.” (See "The Death of Senior Housing.") Now a Silvernest survey of homeowners ages 55-85 puts numbers to this trend. 
• What did the survey find? 79% of respondents are actively planning to remain in their homes as they age. And only 36% are considering moving to a retirement home. Unfortunately, Silvernest does not give change over time comparisons. But it's clear "aging in place" is vastly more popular than retirement communities. 

• The survey also found that 44% of respondents were open to home-sharing. 80% believe extra income would be the most significant advantage. However, only 10% have actually "lived in a home-sharing situation." IMO, this is a trend that could catch on with Boomers. It allows them to earn extra money, gain companionship, and receive help with chores. 
• Retailers are certainly responding to this "aging in place" phenomenon. Lowe’s (LOW) has recently joined forces with AARP for the “Lowe’s Livable Home” campaign. The initiative aims to help seniors outfit their houses with everything from wheelchair ramps to shower handrails. And as we have written in the past, Boomers have turned home improvement into a hot market over the last decade. This momentum is unlikely to fade anytime soon. (See "Why Americans Are Spending More On Home Improvement.")