Home Adaptations for Independent Living


Aging in Place: Attitudes about Homeownership

Posted on May 4, 2012 at 4:37 PM

Along with the desire to age in place comes the question of exactly where to age.  Should you stay in your existing home or move to another?  If you stay, should you renovate to improve comfort and safety and will those renovations add value to your home?  If you move to a different location, should you purchase another home or is it more practical to rent?

No matter which option you’re leaning towards, you’ll need to factor in an evaluation of the current housing market along with emerging trends.

The Colton Housing Group recently conducted a national study among 3,005 homeowners and renters to better understand how Americans feel about today’s housing market and their aspirations for owning or renting a home in the future. The survey and six focus groups were commissioned by Hanley Wood, LLC, and its two main publications, BUILDER and REMODELING magazines.

The 70-question survey focused on attitudes towards the current housing market and problems encountered in the home buying process. Do Americans still view housing as a good investment? Is now a good or bad time to buy or remodel? How do consumers feel about obtaining a mortgage in today’s environment? Is homeownership still important?  How do consumers compare owning with renting? Do consumer expectations vary among different age groups and socio-economic segments of the population?

The result of the survey paints an uncomfortable future for the nation’s housing market in the short term — a market where credit is tight and one where there is little urgency to buy now. It clearly identifies major bottlenecks in the mortgage market that are keeping many buyers on the sidelines and preventing any significant rebound in housing activity.

Over the long term, however, the survey tells a more positive story.  Specifically, the survey findings show that the desire to own a home has not been derailed by the difficult  economic times we're experiencing and that Americans generally understand the important role housing plays in creating new jobs, generating household wealth, and sustaining a long term economic recovery.    

First, the question of rent or buy.  While the dream of owning a home is certainly alive and well, renting is on the rise because for many it’s become the only option due to tough lending requirements.  When asked what sort of housing they would look for if moving to a new location,  62% of the renters said they would have no choice but to rent again.  In sharp contrast, only 10% of home-owning households said they would rent rather than buy another home.  According to real estate website Trulia, buying was cheaper than renting in 74% of the country's 50 largest cities.  In addition to a continuing decline in home prices, low interest rates have added a lot of weight to the buy side of the scale. Add in the tax perks of home ownership and for those who can afford it, it’s still a buyer's market.

So, what are the expectations for home prices during the next year?  More than one-fourth (28%) of the homeowners expect to see some decline in prices in the year ahead, and one-third (33%) expect some increase in prices in their market area.   Expectations vary from region to region.  In the Northeast, 24% of the owners expect home prices to decline some in the year ahead, and 35% expect prices to increase. In the West and Midwest, about 30% of the owners expect prices to decline some, and another 30% expect home prices to rise.  In the South, 27% of the owners are expecting prices to decline a bit more, and 34% expect prices to rise in the year ahead.

In response to the question, “Have changes in home prices influenced your home-buying decision?” 35% of owners and 38% of renters said yes.  And while 50% of homeowners under the age of 35 reported that changes in home prices influenced their home buying decision, that percentage fell with age:  37% for owners in the 35-44 age group, 28% for 45- to 64-year olds, and 17% for owner aged 65 or older.

What seems to be sorely lacking in today’s market is not desire but a real sense of urgency to buy a home now. Two out of three homeowners and 23% of renters are comfortable with their current living arrangements. And both owners (40%) and renters (45%) cited “no urgency to buy now” as one of the principal reasons for staying out of the market.

Another trend reflected in the survey findings is the increasing number of people who are doubling-up with friends and family.  More than one-third of the owner households and about one fourth of the renter households are doubling-up – young adults with parents, elderly parents with their adult children or grandchildren, unrelated adults living together.  In order to project future housing demand, it is important to recognize the trend and understand why it’s occurring, whether it’s to cut expenses and ride out the recession, care for an aging parent, or for some other reason.

For those who question whether or not to renovate in order to remain in their current home, remodeling is becoming a more attractive option in today’s housing market.  One out of five homeowners (22%) has recently completed a remodeling job or plans to remodel in the next two years instead of buying another home.  Baby-boom generation homeowners are the most optimistic about the remodeling market,  not a surprise given that homeowners over age 50 had a strong preference for staying in their current home throughout their retirement years. Among all respondents 50 or older, more than half (54%) said that they would stay in their current home for their entire retirement.  Another 18% said they would stay in their current home first then buy another home later, and 10% said they would  move to a different home (brand new or existing) before retiring or had already bought another home after retiring. 

So all that said, what’s the bottom line?  Home ownership remains an important part of the American experience and receives broad-based support from all age, ethnic, and income groups. And even though more than half of the homeowners surveyed experienced some decline in their home’s value over the past year, they still regard homeownership as a good, long term investment.   

 Susan Luxenberg
 HomeSmart LLC 


Categories: Homes for a Lifetime

Post a Comment


Oops, you forgot something.


The words you entered did not match the given text. Please try again.


Reply monikakrol
12:36 PM on November 13, 2022 
new balance pink glow ysl white mini bag nike mens zoom vapor x tennis shoes off white lot 36 wholesale skull caps do rags mama bird t shirt
Reply nembutalfso
1:10 AM on November 14, 2022 
womens new nike shoes 2021
Reply edcialistop
3:11 PM on November 16, 2022 
stylish flat shoes the north face quest insulated jacket hm silver dress jersey ceedee lamb block straw hat jonah hill x adidas samba
Reply tenminutemba
3:03 PM on November 19, 2022 
time and tru long sleeve t shirts lemon dress adidas man utd shirt for cheap women nike arizona cardinals 13 kurt warner game white nfl jersey sale monster energy hat kansas city missouri yeezy 350 precio
Reply trientry
2:44 AM on November 20, 2022 
blue and black animal print dress nike w air max 98 premium ralph lauren childrens clothes sale frankford yellow jackets logo sunset vice miami heat peach marble crocs
Reply norgran
9:35 AM on November 22, 2022 
moncler moka white nike phantom vision fg gold pink shoes orange and black moncler jacket michael kors handbags with compartments pandora disney harry potter
Reply namasedu
1:09 PM on November 23, 2022 
tiffany forever necklace oakley gauge 3.2 aviator glasses oakley moncler grenoble windbreaker nfl football shirts disney nfl gear
Reply oraien
4:29 PM on November 24, 2022 
time and tru long sleeve t shirts front slit maxi dress childeren hunting cap blue ganni short dress turnlock clutch 20 with quilting gemina reiss dress
Reply exledau
12:08 AM on November 27, 2022 
harry styles tattoo phone case spiderman tutu rangers powder blue cap astr white lace dress air force 1 cute antique dress
Reply uppicfree
7:30 AM on November 27, 2022 
pittsburgh pirates new era mlb clubhouse jersey pop 9fifty snapback cap tiffany puzzle ring purdue rondale moore jersey hazard away jersey white formal dresses
Reply cheap jordans
8:01 PM on December 5, 2022 
I not to mention my friends ended up analyzing the best tips on your website and then then got an awful suspicion I had not thanked the site owner for those secrets. Those young men came consequently very interested to learn all of them and have now surely been taking advantage of those things. Many thanks for actually being so considerate and then for making a decision on varieties of beneficial tips most people are really eager to be informed on. Our own honest regret for not saying thanks to sooner.
cheap jordans
Reply off white outlet
9:22 PM on December 5, 2022 
Thanks so much for giving everyone remarkably splendid chance to read from here. It's usually very nice plus full of fun for me personally and my office friends to visit your website at minimum thrice weekly to study the new things you have got. And of course, I am usually fulfilled with your breathtaking opinions you serve. Some 3 facts in this posting are undeniably the most beneficial we've ever had.
off white outlet
Reply jordan 11
1:30 AM on December 6, 2022 
Thank you a lot for providing individuals with an exceptionally remarkable possiblity to read critical reviews from this blog. It's always so kind plus full of a lot of fun for me and my office friends to visit your website really three times in a week to read the new tips you have. Of course, I am actually fascinated for the unique points you serve. Some 1 ideas in this article are indeed the most suitable we've had.
jordan 11
Reply kawhi leonard shoes
1:30 AM on December 6, 2022 
I precisely desired to thank you very much yet again. I am not sure the things I would have handled in the absence of these hints shared by you relating to this subject matter. It became a very challenging dilemma in my view, but taking a look at a new professional mode you processed that made me to jump with delight. Extremely grateful for this information and thus hope that you know what an amazing job you're undertaking teaching men and women thru your web page. Probably you haven't come across all of us.
kawhi leonard shoes
Reply kyrie irving shoes
1:31 AM on December 6, 2022 
I have to express some thanks to you just for bailing me out of this setting. After looking through the the web and meeting ways which were not powerful, I thought my entire life was well over. Existing without the presence of answers to the problems you have sorted out all through this write-up is a serious case, and ones which might have badly affected my entire career if I hadn't encountered the blog. Your training and kindness in playing with all the pieces was excellent. I don't know what I would've done if I hadn't encountered such a thing like this. I am able to now look ahead to my future. Thanks for your time so much for the high quality and result oriented help. I won't hesitate to endorse your site to anybody who needs and wants counselling on this topic.
kyrie irving shoes
Reply curry shoes
1:31 AM on December 6, 2022 
Thank you so much for providing individuals with such a superb opportunity to discover important secrets from this blog. It's usually very pleasurable plus jam-packed with a good time for me personally and my office peers to visit the blog at the least three times per week to study the latest secrets you will have. And indeed, I am just usually satisfied concerning the sensational inspiring ideas you serve. Certain 3 areas in this article are in reality the best we have all ever had.
curry shoes
Reply air jordans
1:32 AM on December 6, 2022 
Thank you for all your valuable effort on this web site. Kate really likes engaging in internet research and it's really simple to grasp why. Most of us notice all about the dynamic mode you give informative solutions on your web site and as well as cause response from people on that subject plus our own simple princess is actually studying a great deal. Have fun with the rest of the new year. You have been doing a good job.
air jordans
Reply off white jordan 1
2:13 AM on December 6, 2022 
Thank you so much for giving everyone such a spectacular possiblity to discover important secrets from this site. It is usually very sweet and as well , jam-packed with a lot of fun for me personally and my office co-workers to visit your blog more than three times weekly to read through the latest issues you will have. And lastly, I'm so actually fulfilled with your effective principles you give. Selected two ideas in this article are undoubtedly the simplest I've had.
off white jordan 1
Reply jordan 6
6:34 AM on December 6, 2022 
I have to point out my appreciation for your kind-heartedness giving support to individuals who need guidance on your area. Your very own commitment to getting the message throughout had been exceptionally good and has constantly permitted professionals much like me to arrive at their endeavors. This helpful tutorial denotes so much to me and still more to my mates. Best wishes; from all of us.
jordan 6
Reply fear of god essentials
6:54 AM on December 6, 2022 
I not to mention my pals appeared to be digesting the nice information found on your web site and then developed a horrible suspicion I had not expressed respect to the site owner for those tips. My boys were definitely certainly excited to read all of them and have pretty much been taking advantage of these things. Thanks for really being well helpful and also for getting varieties of tremendous useful guides most people are really desirous to discover. Our own honest regret for not expressing gratitude to earlier.
fear of god essentials