84% of seniors want to age in place—what’s holding them back?

Palo Alto, CA – March 11, 2025 – A new survey from Point, the leading Home Equity Investment company, reveals that 84 percent of older Americans consider aging in place a priority, with 58 percent describing it as extremely important. While the desire to remain in their homes as they age is strong, significant financial, logistical, and safety challenges make this goal increasingly difficult. Despite rising property taxes and insurance costs, this sentiment has remained consistent with a similar number of homeowners saying the same when surveyed in 2023, underscoring the deep importance of staying in one’s home.

The survey reveals that older adults value aging in place because it allows them to maintain independence, stay connected to their communities, and avoid the high costs of long-term care facilities. However, these aspirations are often at odds with the realities of home readiness and affordability.

Key Findings:

• Aging in place matters: Familiarity, independence, and cost savings compared to many assisted living options are top drivers for aging in place.
• Financial challenges are real: Over half (53%) of older adults report that maintenance and repair costs, along with concerns about property taxes and daily living expenses, are significant obstacles to aging in place.
• Homes need work: Only 46% of respondents feel prepared to update their home with features that allow them to age in place, such as grab bars, non-slip flooring, and barrier-free entries.

“Older Americans want to stay in the homes they love, but the gap between aspiration and reality is growing, as the cost of necessary updates can be daunting,” said Eddie Lim, CEO and co-founder of Point. “This data underscores the need for innovative solutions to help seniors access the resources they need to live safely and comfortably at home.”

According to the research results, nearly half of homeowners estimate it would cost over $20,000 to adequately prepare their homes to age in place, with one in 10 believing it will cost over $100,000. 

While preparing a home to age in place can vary widely, it is significantly more affordable than other long-term care options for many. In-home care for part-time assistance averages $21,600¹ annually, compared to $54,000 for assisted living and more than $116,000² for a private room in a nursing home. These stark differences highlight the cost-effectiveness of staying at home, especially for seniors who prepare their homes with safety modifications.

Neglecting the needs associated with aging in place can also be expensive. Falls are the leading cause of injury among adults over 65, resulting in $50 billion³ annually in medical costs. Preventative measures such as grab bars and barrier-free entries can decrease fall risks by 38%⁴.

As older Americans face these increasing financial pressures, median incomes for households aged 65 and older hover at $50,000 annually, dropping to $37,100 for those aged 80 and older, according to the Census Bureau. Despite this, the median home equity for homeowners aged 65 and older reached $250,000 in 2022, a potential resource for addressing these challenges.

For many older Americans, traditional financing options like cash-out refinancing or HELOCs are increasingly out of reach due to higher rejection rates and rising interest rates. Research from the Federal Reserve Bank of Philadelphia reveals that older adults often struggle to secure loans, with denial rates driven by limited income, insufficient collateral, and stricter lending standards. Adding to the financial strain, larger mortgage balances and rising property taxes have left 43% of older homeowners with mortgages "cost-burdened," meaning they spend 30% or more of their monthly income on housing.

Home Equity Investments (HEIs) present a vital alternative in this challenging landscape. Unlike traditional loans, HEIs allow older homeowners to access their home equity without monthly payments or taking on additional debt. They often offer lower credit score requirements and a 30-year term, enabling seniors to fund essential home modifications while maintaining financial stability. By leveraging the equity they've built over decades, homeowners can prepare their homes for aging in place safely and affordably, avoiding the steep costs of institutional care.

“This survey highlights the critical need to address safety, affordability, and access to resources for aging in place,” added Lim. “Home Equity Investments offer a more accessible way for homeowners to tap into their equity, enabling them to age in place on their own terms.”