"Experts say that retrofitting a home for aging in place can range from relatively simple modifications to costly installations of connected health systems and monitoring devices. For many homeowners, especially retirees, home equity represents their largest untapped financial resource."
"Dr. Jing Wang emphasized that the U.S. is still catching up when it comes to integrating housing, health care and technology for seniors. She noted that the housing stock is not fully prepared for more advanced care scenarios."
"While builders are experimenting with smart home features in new construction, most adoption is still happening through retrofits, often after homeowners move in. Smart home systems are increasingly stepping in where human caregiving may fall short."
The age tech sector is expanding with smart home systems and health monitoring devices aimed at supporting independent living. Hundreds of companies have entered this market, attracting significant investments. However, financing these upgrades poses a challenge, which could be mitigated through housing wealth. Home equity is often the largest financial resource for retirees. Experts highlight the need for better integration of housing, health care, and technology for seniors, noting that most smart home adoption occurs through retrofitting existing homes rather than new constructions.
Read at www.housingwire.com
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