An overwhelming number of older adults want to stay in their own homes rather than move to an assisted living community, according to recent data from the American Advisors Group.
A survey of 1,552 participants aged 60 to 75 from all regions of the United States, 92% of the respondents said they would prefer to live their later years in their current home instead of moving to an assisted living community. Eighty percent said they want to live in their own home for the rest of their lives.
“Buying a home is one of the largest purchases someone can make, and for many seniors, that purchase has turned into an investment,” AAG Chief Marketing Officer Martin Lenoir said. “Our data shows that older Americans are well aware of what their homes are worth and are looking to utilize the equity they have gained, which is a big reason why we’re seeing so many seniors interested in reverse mortgages. Homes not only embody the journey that seniors have lived, they also represent a possible retirement strategy for the future.”
Almost three-fourths of the respondents (74%) said that purchasing their home was the best financial decision they ever made, but it’s not just about the money. Sentimental attachment ranked high, with 62% of respondents that indicated that they have an emotional attachment to their home.
For many, the reason to stay in their own home is a simple one. Eighty-three percent of the older adults surveyed said they feel safer at home than in any other living situation. Half of the respondents said that the pandemic made their feelings about living at home stronger.
More than half of the respondents (55%) have paid off their mortgages. For those still making payments, 40% said they are looking to use the equity they’ve built to eliminate their monthly payments.