Bringing Aging Parents Back Home

The Real Estate Espresso Podcast

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On today’s show we are talking about solving the needs of aging population.

As parents age, some families resort to independent living, maybe assisted living, professionally managed institutions. These are quite expensive and not everyone can afford this. In fact, there is a huge percentage of the population who can’t afford senior housing.

For many, that means family takes on the burden of caregiving. As older adults become more reduced in their mobility, the family home might no longer be suitable. Navigating stairs to enter the home, or navigating stairs to get to the bedroom level in a two story or three story home becomes a problem. Moving out of the family home into a single level ranch style house is not an option for many families.

We have talked about the so-called lock-in effect that is well established in the current market. Those owners who locked in a 30 year mortgage at 2.5% interest rate don’t ever want to sell their home and face a more expensive proposition with a new home at a higher interest rate.

The cheapest option, by far, is to modify the existing home to install the mobility features required to accommodate an aging adult.

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