Living Arrangements: Can You Age In Place In Your Current Home?

There’s no arguing with the data. The overwhelming majority of us would like to live out our days in the community, rather than entering a long-term care facility. According to a recent post on Realtor.com, fully 74% of Americans want to remain and receive care in their home if needed. That number jumps to 84% for today’s Baby Boomers. So, while we understand the strongly held sentiment of “aging in place,” the question is, can the place in which you want to age adapt to your evolving needs as an older adult? And can you afford to finance those adaptations?

The expenses of aging in place fall into several buckets: First, there are the minor and sometimes major expenses that allow the house to be functional and comfortable for your changing needs. A recent Wall Street Journal article proposed that for about $1500, you could retrofit your home to reduce the risk of falling (with lights, stair rails, door hinges, grab bars, etc.) and keep yourself safe. However, the article’s author admitted that one could spend many thousands more transforming your space, or, if you have a limited budget, the suggestion was made to focus on the 2 biggest challenges of aging in place- fall prevention and post-hospitalization mobility. The Wall Street Journal also published a tool last fall to help you budget out some aging-in-place remodeling. If you have a really tight budget, The Spruce recently published a list of aging-in-place changes you can make that cost less than $25. And if your funds are more expansive, take a look at a recent New York Times design article describing stylish design features that can make your aging-in-place less “soulless.”

A second bucket of expenses will come from upkeep of the house itself, as opposed to the occupants of the house. That earlier-mentioned Realtor.com article quoted the statistic that nearly ½ of all owner-occupied homes in the US were built before 1980. What that means is that many houses are growing older along with their owners, so that roofs may need replacing, plumbing, electricity, or HVAC systems may need updating, and bathrooms and kitchens may need remodeling. None of these are cheap fixes, and many cannot be put off indefinitely. As the article makes clear, “Aging in place will likely take a good chunk of your savings to renovate and future-proof your place to make it livable.” You will also need to pay for such house maintenance expenses as taxes, insurance, utilities, outdoor care, internet and entertainment expenses, food, and household supplies. 

The third bucket is directly tied to your personal care needs. Likely, you will not be able to solely rely on unpaid, informal care from family, friends, or neighbors. Hiring help in your home, if you can find reliable, affordable help, will not come cheaply. And in most states, according to a recent article in McKnight’s, moving to assisted living becomes a better financial deal than aging in your home. According to 2024 figures, the cost of 8 hours/day of home aide help could lead you to spend over $96,000 per year. Few of us have that sort of money available as our health- and help- needs climb, and the potential of Medicaid kicking in to cover these costs seems less likely than previously. In other words, deciding to age in place can be a costly- and potentially unaffordable- choice for many. You may also need to purchase various technologies to support staying in your home, including alerts, doorbells, cameras, smart lighting, locks, and other technology, especially if you’re on your own. A recent News-Press Now article recommends that you undertake a financial inventory before deciding on whether aging-in-place- with all of its attendant expenses- is something you can afford. Among the items to consider in this inventory? Understand the true cost of home care in your area (including the recently posted price increase of 10% for in-home care in 2025); calculate the cost of home modifications you will need to make; come up with a plan to deal with whatever debt you still carry; inventory your assets, be they property, jewelry, investments, retirement accounts, insurance, etc. and make note of how much of that is actually liquid and available for you to spend when needed; stress test your living expenses- what kind of cushion do you have if prices go up on the costs of staying at home?

That sentiment to stay in place- to age in place- is strong and undeniable for many. And yet, life catches up with us all. In a recent essay in the Boston Globe, psychiatrist Elissa Ely writes poetically about the calculus she and her friends are making, knowing that at some point sooner rather than later, the calculus may shift and the desire to stay in your home may no longer be logical or attainable. As she writes, “One day you’re planting dahlias along the driveway border, the next you can’t climb the porch stairs anymore…A house that was intended as a permanent home is untenable. Plans will have to be made.” The question is, when do you have to start making plans, and where will your calculus lead you? Very few, if any of us, should avoid this planning process.