For seniors, there is no place like home.
More than three-quarters of seniors — 82% — say they would live in their current home for the rest of their lives if they could, according to a recent survey by American Advisors Group. The home equity solutions provider polled more than 1,500 older homeowners, ages 60-75.
In addition, 92% of seniors say their preference is to remain in their current home instead of moving to an assisted-living facility.
Feelings of comfort and safety are behind the desire to remain at home.
Among the seniors surveyed, 83% said they feel safer in their current home than anywhere else. And the arrival of COVID-19 has only intensified those convictions, with 50% saying the pandemic made their desire to live at home stronger.
The emotional rewards of living at home are paramount, but today’s seniors also benefit from the financial rewards of homeownership.
About 3 in 4 of the seniors — 73% — said their home is their most valuable asset, and 74% said purchasing their home was “the best financial decision they ever made.”
The survey also found that:
- 62% have an emotional attachment to their homes
- 56% say their home reminds them of their family
- 55% have paid off their mortgage
Martin Lenoir, AAG chief marketing officer, says the survey proves that seniors have a strong attachment to their homes:
“It’s no secret that many seniors have built substantial equity in their homes after years of ownership, but what is interesting is that very few want to sell their house to obtain that money. For seniors, the comfort, safety and independence of their home outweighs the desire to move.”
Living at home as a senior is not always easy, even if you want to do it. For tips on making the process a success, check out “8 Essential Home Features for Aging in Place.”
Or, if you decide homeownership is not for you, check out “7 Benefits of Renting a Home in Retirement.”