RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Aging in Place? Prepare to Pay—or Change Your Mind

Home Consumer
February 21, 2017
Reading Time: 2 mins read
Aging in Place? Prepare to Pay—or Change Your Mind

The woman is holding a reading book and the man has his arm around her with a digital tablet on his lap

Forty-three million homeowners plan to stay put in their current home as they age, but lack the accessibility features to make it practical. A recent Insight from Freddie Mac reveals that adding those features—levered handles, widened doorways and hallways—could be costly, or impossible.

According to Freddie Mac, half of Americans age 55 and older and three-quarters of Americans age 75 and older have one or more “physical functional limitations” that necessitate accessible features at home. Approximately 1.5 million existing homes require some retrofitting to make them accessible—and 2 million will require retrofitting by 2030. Retrofitting includes relocating living space to a single floor and replacing stairs with ramps.

Simple retrofits, according to the Insight, such as grab bars and pull-out cabinets, can cost on average $100-$270. Complex retrofits, however—a bathroom remodel, for instance—can cost between $5,600 and $13,000.

Some homes, as well, are unable to be retrofitted at all. Fifty-seven percent of homes in the Northeast—which tend to be older than homes in other regions—can accommodate single floor living, compared to 73 percent in the Midwest and 80 percent in the Southwest and West.

“Nearly a quarter of all baby boomers are going to be faced with the financial realities of aging in place, which can range from a few hundred to thousands of dollars,” says Sean Becketti, Freddie Mac chief economist. “Of course, the cost depends on the type and condition of the home. Many older homes, such as many of the Colonial-style homes common in the Northeast and Midwest, may not be good candidates for retrofitting. For some of them, aging in place until the bitter end may not even be a possibility. Like Bette Davis said: ‘Old age is not for sissies.'”

According to the Joint Center for Housing Studies (JCHS) at Harvard University, only 3.5 percent of homes today have accessible features.

Source: Freddie Mac

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: Accessible FeaturesAge in PlaceFreddie MacHarvardJCHSRetrofit Home
ShareTweetShare
Susanne Dwyer

Susanne Dwyer

Related Posts

RISMedia Honors New-Agent Success With Annual ‘Real Estate Rookie of the Year’ Award
Latest News

RISMedia Honors New-Agent Success With Annual ‘Real Estate Rookie of the Year’ Award

May 18, 2022
Do You Know Where to Find a Secret Stash of Leads?
Agents

Do You Know Where to Find a Secret Stash of Leads?

May 18, 2022
Share the New Drive With NAR Podcast with Your Agents
Agents

Share the New Drive With NAR Podcast with Your Agents

May 18, 2022
Builder Confidence Plunges on Rising Interest Rates, Growing Affordability Woes
Consumer

Builder Confidence Plunges on Rising Interest Rates, Growing Affordability Woes

May 18, 2022
More Than Half of Mortgage Borrowers Didn’t Shop Around
Consumer

More Than Half of Mortgage Borrowers Didn’t Shop Around

May 18, 2022
Updater Secures $215 Million Investment from Vista Credit Partners
Industry News

Updater Secures $215 Million Investment from Vista Credit Partners

May 18, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

SEO Can Be Done In-House

The REW Forums give you access to learn how to do your own SEO. Check out www.rew.com/forums/ for free!

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • RISMedia Honors New-Agent Success With Annual ‘Real Estate Rookie of the Year’ Award
  • Do You Know Where to Find a Secret Stash of Leads?
  • Share the New Drive With NAR Podcast with Your Agents

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kitt Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.