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Another boomer financial dilemma.
With over 4 million baby boomers planning to retire each year, a big question arises about their homes: Should they stay or should they go? An increasing number are deciding to age in place, creating new dynamics to navigate for the US housing market.
“There will be more boomers entering the era where they’re going to need to stay in a facility that accommodates seniors,” housing expert Jonathan Scott told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid podcast (video above; listen in below).
He added that some may opt to move out of the family home, leaving “inventory that comes from that or homes that need to be adapted” or renovated. For those deciding to stay in place, homes will need to be retrofitted for senior safety purposes — think everything from a rail in the shower to a new security system.
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Jonathan and his twin brother Drew are the infamous dynamic duo from HGTV’s “Property Brothers,” a show where they assist families in finding and renovating homes. The brothers Scott have also branched out with the Healthy Home Innovation Fund, which is about to put money to work in early 2025 in tech companies that innovate in the residential sector.
The brothers speak from firsthand experience on home ownership and aging family members.
“They’re trying to find a place where they can age in place,” Drew said of their parents. “They want this to be their last home, so [we are] thinking of how we can maximize the space for them to enjoy.”
Their parents are not alone.
According to a new survey of 1,001 boomers from LeafHome, 55% plan to remain in their home, while 73% reported they had lived in their home for 11 years or more. Over half of the homes were built in 1980 or earlier and many hadn’t been renovated, and 24% of respondents were working on altering their current home to better accommodate their coming and current needs.
To keep the aging population safe, the brothers Scott credit new technology. While ramps and altering stairs are common moves, “the technology is so key,” said Drew Scott, citing innovations geared toward safety. “There are ranges or ovens that will shut off automatically.”
“It’s those sorts of things that you need because people can get forgetful,” added Jonathan.
Other hazards include slip and fall mishaps and vulnerability to disasters. “Water waste reduction is an important thing too,” said Drew. “There are a lot of old homes or condos that have leaks.”