Senior Housing Crisis Worsens

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Several articles posted recently highlight the crisis in senior citizen housing affordability that is sweeping the country. Examples include the following:

Wall Street Journal - Another Inflation Stress: Rising Costs of Senior-Living Homes Strain Families - “Eldercare facilities are raising prices and adding new fees, straining older Americans and their families.”

MyLife - Many People Underestimate Their Future Cost of Care - “One expense that people may not realize that steadily increases is long-term care and other custodial care services. Indeed, a lot of people greatly underestimate the cost of care and have sticker shock when they see the price tag.”

New York Post - Most seniors in America can’t afford nursing homes or assisted living - “As many as 80% of aging adults in America lack the financial resources to pay for two years of nursing home care or four years of an assisted living community.”

McKnights Senior Living - Senior living begins 2023 with record demand, occupancy - “The NIC MAP Market Fundamentals Data report for the fourth quarter of 2022 shows that occupancy rate across all three senior living service/care segments — independent living, assisted living and memory care — increased for the sixth consecutive quarter due to continued strong demand that outpaced inventory growth. “

Yahoo Finance - How Much Does Assisted Living Cost in 2023? - “Assisted living is in the future of many seniors. Research shows that those turning 65 today have nearly a 70% chance of needing a form of long-term care services.”

These and other articles make it clear that affordable housing for seniors who need help with daily activities may be out of reach financially. But there is an alternative. One alternative for those seeking assisted living is to receive care in their home. In other words, aging-in-place. Nurses, aides or therapists might visit an individual in their home and provide short-term or long-term care. Aging-in-place home modifications, also referred to as residential accessibility, can help seniors and other individuals who need in-home assisted living remain in their homes longer and safer. Plus, the cost of many improvements to a home for aging-in-place can be much lower than moving to assisted living or a nursing home.

Richard Acree is a certified aging-in-place specialist (CAPS). CAPS is a residential accessibility services credential certified by the National Association of Home Builders (NAHB) that offers principles to improve safety and accessibility in your home, regardless of your age or physical condition. Click Residential Accessibility to learn more. Call Richard at 615-752-0060 for additional information.