September 30, 2021
For older Americans, a home signifies much more than just a place to live. New data from American Advisors Group (AAG), a provider of home equity solutions, shows that seniors’ homes not only have a great deal of monetary worth, but also significant sentimental value.
To find out more, AAG recently conducted the Importance of Home Survey among over 1,500 participants ages 60-75.
“Our studies have shown that seniors in this country have a strong attachment to their home[s] and the pandemic only strengthened that bond,” said AAG Chief Marketing Officer Martin Lenoir. “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 and that’s why we’re seeing so many older Americans interested in reverse mortgages.”
Among the key findings of the survey are the following:
- The majority of America’s seniors do not intend to sell their homes and have no plans of ever moving. Fully 82% of seniors say they want to live in their homes for the rest of their lives.
- Seniors indicated that they want to remain in the comfort of their own home, with 92% saying they would prefer to live their later years in their current home instead of moving to an assisted living facility.
- The desire to live in one’s home ties closely to a feeling of safety. More than four in five seniors (83%) say they feel safer at home than anywhere else.
- The COVID-19 pandemic strengthened how seniors feel about living at home. Half of America’s seniors (50%) say that the pandemic made their desire to live at home stronger.
- America’s seniors see value in their homes that goes beyond finances. Nearly two in three (62%) seniors say they have an emotional attachment to their home.
- For many of America’s seniors, owning a home signifies more than just having ownership of a property. More than one-third (40%) of older Americans said their “independence” is the most important benefit of living in their home.
- Family life is another substantial reason that seniors have an emotional attachment to their home. Over half of seniors (56%) say their home reminds them of their family.
- Seniors are communicating their desire to stay at home to their children and close relatives. More than two in three seniors (68%) have told their families where they would like to live for the rest of their life.
To read the full results of AAG’s Importance of Home Survey, visit the link below:
Research contact: @aagreverse