10 Concerns Aging Boomers Have About Homeownership — and What To Do About Them
Written by
Crystal Mayer
Edited by
Ashleigh Ray
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According to a new survey from Clever, 90% of aging boomers have concerns about homeownership. These worries range from the cost of maintaining the home to living alone. Despite these potential problems, over half of baby boomers who own a home “never plan to sell it and expect to live in it for the rest of their lives.”
For those boomers who plan to age in place in their own homes, these are their 10 most common concerns and what they can do about them to make homeownership easier on themselves.
Maintenance and Upkeep Costs
The most common homeownership concern was maintenance and upkeep, with 59% of boomers responding that this was their primary worry as they aged. To ease this burden, it’s best to perform repairs immediately and engage in preventative maintenance.
For instance, Wired reported that installing a water monitoring system can help detect any leaks before they become a catastrophic problem. Other steps to help manage potential problems in your home include regularly cleaning out vents and having things like your HVAC maintenanced yearly.
The Ability To Keep Up With Maintenance/Repairs
Another commonly cited concern was the ability to keep up with maintenance and repairs on a home. 55% of respondents noted that they worried whether they would be physically able to perform these tasks as they aged.
For aging boomers, it may be a good idea to hire a professional instead of taking on the task yourself, especially if it requires a lot of physicality.
Property Tax Increases
Almost half (49%) of respondents said that property tax increases were a concern for homeownership.
The good news is that if you receive a burdensome tax bill, you may have the option to appeal. You can also look for exemptions to help reduce your taxes.
Rising Utility Costs
Rising utility costs are another worry for 42% of boomer homeowners. And with climates becoming harsher, it will only take more energy to heat and cool our homes.
To offset these expenses, you can invest in energy-efficient appliances or apply for a better rate. Depending on your state, you may also qualify for government subsidies that can help reduce your bill. It is important to research all of your options before committing to a plan.
Accessibility and Mobility Issues
Nearly one-quarter (24%) of boomers are concerned about accessibility and mobility issues with homeownership as they age. You can, however, age-proof your home in some ways. Installing handrails and higher-sitting furniture can make your house more comfortable as you get older. Single story homes are also much easier to navigate as you age.
Living Alone
One-fifth (20%) of boomer homeowners are worried about living alone as they age. This concern can be eased by engaging in social activities or even moving to a retirement community. The more involved you are with friends, family and neighbors, the less likely you will feel lonely, regardless of whether you live with other people.
Neighborhood/City Changes
Only 15% of boomer homeowners are concerned about neighborhood or city changes. While changes may be inevitable over time, staying connected with neighbors and community members can help ensure that you feel comfortable as things evolve.
Running Out of Money for Your Mortgage
If you are part of the 10% of boomer homeowners who worry about running out of money to pay your mortgage, then you’ll want to get on a budget. Planning your expenses throughout retirement can help you avoid running out of money down the road.
Potential Housing Market Crash
Just 8% of boomer homeowners worry about a potential housing market crash, likely because many of the generation bought their home for a fraction of what it is now worth. If you are concerned about a dip in prices, you should discuss your options with a local realtor.
Public Safety Issues
Boomer homeowners were also less concerned about public safety issues, with just 1 in 12 (or 8% of respondents) replying that this was a worry. Individuals who do have concerns about public safety can request additional patrols by their local police department or even join their neighborhood watch.
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