Retirees and those nearing retirement are playing a vital role in sustaining the housing market, with the median age of repeat buyers now at 61. Their priorities have shifted towards practicality, favoring low-maintenance properties that allow aging in place. Many are downsizing for economic benefits, as selling larger homes and buying into more accessible properties enables them to maximize equity. The trend of aging-in-place home modifications is gaining traction, reflecting broader design trends and a shift in what retirees seek for comfort and safety in their living spaces.
"As we begin to age, we start looking at things from a different perspective-a wiser set of eyes," says Paul Dashevsky, co-founder of GreatBuildz.
"Many retirees are downsizing from larger family homes to single-story or low-maintenance properties," she adds.
"Aging-in-place improvements are crucial for many retirees," adds Holt. These home modifications use universal design elements to enhance the safety, accessibility, and comfort of a space.
Those savings allow retirees to make the most of their home sale proceeds and create a financial cushion to fund retirement expenses, travel, healthcare, or hobbies.
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