What’s on the Horizon for Aging in Place and the In-Home Elder Care Industry?
March 27, 2023
It’s no secret: long-term care options for seniors outside the home are prohibitively expensive for many Americans, which makes aging in place a highly desirable goal. The elder care industry must eventually make realistic cost adjustments, but in the meantime, when seniors can remain at home for as long as is safely possible, people and communities benefit. Here, we’ll look at some trends that are shaping the in-home senior living industry and how aging in place will continue to increase the need for services like those offered by Executive Home Care franchisees.
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Longer Home Ownership
A recent industry study found that more than one-third of homeowners 65 and older have held onto their homes for at least 33 years, in part because they hope to age in place. As a result of owning their homes for so long, many seniors have considerable equity in them and tap into it through reverse mortgages to facilitate staying in their homes safely and conveniently.
These loans are available only to homeowners aged 62 and older and let them borrow against the value of their properties. They provide the resources necessary to pay for professional outside care should seniors need or want it, and they’ve become an increasingly popular way for older Americans to pay for in-home services offered by brands in the elder care industry, like Executive Home Care.
Smarter, Safer Homes
Many senior homeowners are also using these loans to make important adjustments to their homes to allow them to continue living in them safely and comfortably. In fact, according to 2021 projections, 69% of homeowners will have explored aging-in-place projects in 2022, many of which include:
Installing walk-in tubs
Adding non-slip floors
Building wheelchair ramps
Incorporating stair lifts
In addition to home improvements like the ones above, older homeowners and their loved ones are relying on senior living industry technology to help the elderly age in place. Smart devices like remote sensors and cameras can provide much-needed peace of mind to seniors and their families.
Hands-free, voice-activated technology that turns lights on, communicates with loved ones, orders groceries, controls thermostats, and more is making it significantly easier for seniors to remain at home safely for longer periods of time.
Senior Centers are increasingly popular with older Americans and are becoming a priority in more and more communities. Today, nearly 10,000 of these facilities are serving over one million older adults with an average age of 75, and for good reasons: these centers typically offer access to multiple community services that can make senior living easier and are places where seniors can:
Make and meet new friends
Get public benefits counseling
Access healthy meals and coaching in nutrition
Enjoy artistic and educational programs
Take part in regular exercise classes
And much more
Making life easier, safer, and more enjoyable for seniors at home is the number one priority of Executive Home Care, and our franchisees work hard every day to stay true to that goal! Are you ready to become one of them?
To find out more information about the senior care industry and Executive Home Care's franchise opportunities,reach out today!
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If you’re ready to be your own boss and are looking for a way to add meaning to your life while building a meaningful career, look no further than Executive Home Care. We’re a leader in the senior home care industry, and when you partner with us to open your senior care services franchise, you’ll be helping senior citizens in your community live comfortably and safely in their own homes while providing peace of mind to their families.