For the elderly, there is no place like home.
More than three-quarters of older adults — 82% — say they would live in their current homes for the rest of their lives if they could, according to a recent survey by the American Consultants Group. The home equity solutions provider surveyed more than 1,500 senior homeowners between the ages of 60 and 75.
Additionally, 92% of seniors say their preference is to stay in their current home rather than move to a living facility.
Feeling comfortable and safe behind the desire to stay at home.
Among the elderly surveyed, 83% said they feel safer in their current homes than anywhere else. The arrival of COVID-19 only intensified those convictions, with 50% saying the pandemic had increased their desire to live at home.
The emotional rewards of living at home are crucial, but today’s seniors also benefit from the financial rewards of owning a home.
About 3 in 4 seniors – 73% – said their homes were their most valuable asset, and 74% said buying their home was “the best financial decision they ever made”.
The survey also found that:
- 62% have an emotional attachment to their home
- 56% say their home reminds them of their family
- 55% have paid off their mortgage payments
Martin Lenoir, AAG’s chief marketing officer, says the survey proves that seniors have a strong attachment to their homes:
“It is no secret that many seniors have built up significant equity in their homes after years of ownership, but what is interesting is that very few are willing to sell their homes for that money. For seniors, the comfort, safety and independence of their home outweighs the desire to Mobility “.
Living at home as a senior is not always easy, even if you want to do it. For tips on making the process work, check out “8 Essential Features of Aging in Place.”
Or, if you decide home ownership isn’t right for you, see “7 Benefits of Renting a Home in Retirement.”
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