Downsizing versus Aging-in-Place

The following is an article I read recently that reminded me of a Bridge Buddy who has not made up her mind whether to downsize and reside here at THD or age-in-place in her huge single residence home with a huge backyard and all the familiar items/properties she has owned for several decades. I hope by reading this she will make a decision soon whether to downsize or remain in her home.     

I wrote an article that Downsizing is not for the Faint-hearted recently. In that article I described how I felt getting rid of my possessions via estate sales, donations or just thrashing it, because I will be moving to a smaller place.  I did age-in-place for a year with the help of Home Care Aides and occasional visits from closed relatives. I felt that after one year of living alone, it is time for me not to be isolated, be able to play bridge again and establish new friendships in a an active senior Living Community. THD is a perfect place for me for my well-thought downsizing decision.  Downsizing was not easy, but after making a decision, I felt it was the best decision for the duration of the last stages of my life here on Planet Earth. 

https://theintellectualmigrants.blogspot.com/2023/03/downsizing-is-not-for-faint-hearted.html 

Here's a summary of the article I read on Downsizing versus Aging-in-Place written by Lauren Rosales-Shepard and the link is posted below. The other link is a  article on the same subject. Please take time to read.  

"The older population in the United States is greatly increasing, with the number of seniors (those 65 or older) expected to almost double by 2060. Life expectancy, too, has climbed. As a result, a growing number of homeowners find themselves en route to retiring into a conundrum: do I stay in my home and age in place, or do I downsize? 

The pros and cons of each option seem at first obvious. If you downsize to a smaller home, you will have much less space to maintain (especially yard-wise!). On the other hand, if you stay in your home and age in place, you’re in your home–you know the space, the community, already. Downsizing requires moving, and when has that ever been anyone’s idea of A Good Time? But your current home is full of empty rooms, now that your children have grown up and flown the coop; it can be lonely. 

It’s a tremendously weighty decision. Like any life-altering choice, there are complexities to consider, and there is no one-size-fits-all solution. 

Downsizing

If the members of your household have dwindled to two or one, you would undoubtedly embrace being responsible for less space. You would have fewer rooms to clean if you downsized, not to mention less (if any) yard to mow and rake. Plus, were you to relocate, you might possess the luxury of choice–without needing to be near a job, you could choose to be near family, or in a more appealing climate, for example. 

Homeowners who look to relocate into a smaller autonomous home may, however, run into severe cost issues. Purchasing a home in today’s market will subject one to skyrocketing mortgage rates amidst ever-rising inflation. Both of these factors may make it more difficult for you to sell your current home for the funds to purchase a new one—that is, if you can even find one! There is an extreme housing shortage. In addition, there is an even more blatant scarcity of smaller homes, as they are simply no longer being built. But seniors who would be open to apartment-living (no yard!) face an obstacle, too: the paucity of multifamily housing. Nationwide, there is very little zoning that permits multifamily housing to be built. Zoning often not only prohibits multifamily dwellings in particular, but also might limit the heights of buildings and include minimum lot-size and square-footage requirements. Those apartments that can be built tend to be luxury condos, or publicly-subsidized low-income housing–nothing in the middle, which is often the space that seniors on a fixed income would financially occupy. 

Similar dynamics exist in the senior living industry, which is continuously innovating to present desirable options to aging adults of means. Senior living facilities often put on social events, and promote opportunities for residents, however independently they are able to live, to meet, mingle, and form friendships. This is great news for one’s health, as social isolation and loneliness frequently have deleterious effects on seniors–indeed, the related health risks are comparable to that of smoking and obesity! Frequent social interactions can slow symptoms of dementia in aging adults". 

Aging-in-Place


"According to AARP surveys, 90% of seniors (65+) want to age in place–in other words, to remain in their current homes. The main reason for this preference is a desire for social connectedness; those who are already familiar with and active in their communities do not want to lose that built-in social network. Although many assisted living facilities, retirement homes, and luxury senior living developments do feature social activities and engagement, it is daunting for anyone to start from scratch and facilitate new friendships. It can be even more difficult for an aging individual who is more likely to want to cling to the familiar. 

Familiarity is also key to a sense of agency and independence. While a new neighborhood could be difficult to navigate, if one were to age in place it might be easier to satisfy the basic needs–groceries, clothing, appointments, etc–without help. Access to affordable transportation options tends to be scarce, and so those aging adults who cannot or do not drive themselves become isolated and are far less likely to take active steps for self-care. Those who opt to age in place frequently do so because it seems like the best way to maintain their autonomy for as long as possible. 

There are significant factors to take into account when considering aging in place. Do you foresee yourself needing assistance with activities of daily living? Will you require help with chores and additional home/yard maintenance? Even if you don’t think that either of these possibilities belong to the near future, it’s important to make a plan just in case. This plan can include at least budgeting for various potential home modifications, as well as for services you may later need–lawn care, snow removal, grocery delivery, dog-walking, routine in-home medical care, etc. If you live in a two-story house, you should be especially cognizant of the potential renovations that you may require: installing or tightening handrails, placing extra lighting and non-slip material on the stairs, even installing a lift in case of extreme loss of mobility. Bathroom renovations, in particular, may need to be extensive. You may want to consider whether it is possible to relegate your daily life to the main floor alone, as well( Does not apply if you reside in a ranch style home-no second floor as in my case)". 

Conclusion: There is no one right answer for everyone. Aging-in-place may be statistically popular, but not all places are suitable for that plan. You must think of your own priorities, financial situation, as well as health profile to make the most logical, beneficial decision. Be sure to talk to your doctor, your family members, and your heirs to gather the most relevant and informed perspectives.

Source: https://www.unison.com/blog/downsizing-vs-aging-in-place/#

https://margolisbloom.com/planning-for-life/should-seniors-downsize-or-age-in-place/