The Importance of Home for Seniors

“There’s no place like home,” has never rung truer than it does in the world we live in today. Just exactly how important is a home? Does its hold on us grow stronger the longer we stay there? If you are a senior, your home is more than just a place you live. It represents you. Your story. Your journey.

What Does a Home Mean?

AAG, a national leader in providing home equity solutions, conducted a survey for seniors on the importance of home. The results of the survey are very telling. Seniors want to age in the comfort of their own home. In fact, over 90% of seniors participating in the survey said they would prefer to live their later years in their current home instead of moving to an assisted living facility. And, more than 80% of seniors said they want to live in their home for the rest of their lives. One reason seniors gave for wanting to stay in their home ties closely to a feeling of safety. Seniors say they feel safer at home than anywhere else. Not surprisingly, the COVID pandemic impacted how seniors feel about living at home. Half of America’s seniors say that the pandemic made their feelings about living at home that much stronger.

Their Most Valuable Asset

The majority of seniors who took the survey agree that their home is their most valuable asset. Strictly from a financial point of view, homes have become older Americans’ greatest investment. But, America’s seniors see value in their homes that goes beyond finances. For most seniors, there is a strong emotional attachment to their home. Over half of seniors say their home reminds them of their family. But, even though the connections to family and the memories appear to matter significantly, seniors also voiced their desire to remain independent.

More Than Just a Place to Live

If you are a senior, your home represents so much more to you than just a place to live. It’s much more than just a financial asset to you and it’s completely understandable that you have such strong emotional attachments to your home. Whether you decide to stay in your home or to sell your home, the importance your home has to you is not lost on me and our Senior Real Estate Specialists team. We are here to support you and to help you navigate your real estate decisions.

To read the entire survey, click this link.

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