Financial Advice for Retirement, Social Security, IRAs and Estate Planning

Downsizing vs. Aging In Place

September 13, 2018

This article does a good job of explaining the issues and the dilemma faced by many older Americans as they decide where to live the rest of their lives. It uses anecdotes to show how many people’s plans are thwarted by some practical realities.

Carrying mortgage debt may offer one explanation as to why many baby boomers prefer to remain in their current homes. Other factors, such as retaining home equity, staying in familiar surroundings, or a lack of affordable options, also drive the decision to stay put.

Aging in place, however, can be harder to do if boomers’ homes aren’t equipped to meet their future needs, says Jennifer Molinsky, senior research associate at the Joint Center for Housing Studies of Harvard University.

“There’s a growing linkage between housing and health care, and being able to stay in your house longer,” Molinsky says. “Making your house accessible for [in-home health care] is ideal, but this is harder to manage in lower density areas because of limited transportation and accessibility to doctors in rural areas. Communities need to think about how these services interrelate with housing, because that’s a real challenge for the future.”

 

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