The aging population in Chicago is contributing to a transformation within the city’s housing market with its rising trend of “aging in place”. This refers to the increasing choices by older people to reside in their homes instead of moving to elderly care communities. This shift is consequently redefining the future housing panorama of Chicago.
To understand this trend, we first need to look at some revealing statistics. According to the U.S. Census Bureau, by 2030, about one in every five residents in the United States will be of retirement age. This implies a significant rise in the overall senior populace and alongside brings the challenges associated with housing.
Chicago, being the third most populous city in the U.S., is not impervious to this trend. The city’s aging population is going to impact the local real estate market significantly. According to experts, many seniors are inclined to choose to age in place, i.e., prefer staying in their own homes as they grow older rather than relocating to senior living communities or nursing homes.
Why Aging in Place?
There are two main reasons why seniors prefer to age in place. Firstly, the emotional attachment to the home, neighborhood, familiarity, and comfort level they have with their surroundings. Secondly, the financial aspect, as on many occasions, living at your home can be much less expensive than shifting to a care facility. This shift reflects that the seniors’ perception towards their lifestyle in their older age is largely changing, which, in turn, has a direct effect on the real estate market.
We can’t ignore the fact that there are situations where older adults may not have family members nearby. In such cases, aging in place can be complicated due to the increased mobility restrictions and various health conditions that come with advanced age. But the drive for familiarity and the rising cost of healthcare have led many seniors to lean towards this concept and manage these challenges through different strategies.
The Importance of Home Modifications
As each year passes, seniors may need more assistive support at their homes. The most popular modification involves installing safety features to prevent falls and injuries, like adding handrails or making the interiors slip-proof. Simple tasks such as getting to the bathroom or getting into bed can become daunting due to limited mobility, which is why modifications like adding ramps and stairlifts are essential.
Besides these physical modifications, technological advancements have played a pivotal role in supporting seniors aging in their homes. For instance, they can use wearable technology to track their heart rates or for emergency assistance. Additionally, home automation technologies provide additional convenience and support for seniors living alone.
Impact on Chicago’s Housing Market
When seniors choose to remain in their homes, especially ones they’ve lived in for decades, the number of homes available in the real estate market will naturally decrease. This, in turn, reduces supply, which potentially drives prices up, especially in regions with high demands like Chicago.
Moreover, there’s a ripple effect across the housing market as it is reducing opportunities for first-time homebuyers and families looking to scale up. The decreased housing turnover rate due to aging in place is slowing the housing market transaction rate.
Nonetheless, the escalating trend has given real estate a new avenue of opportunity. Recognizing the rising demand for aging-friendly properties, architects and housing contractors are designing houses that can adapt to the changing needs of the residents, especially the older ones. For instance, houses with space for in-home care, single-level designs, and houses equipped with assistive devices for older adults.
The Future of the Housing Market in Chicago
Although this trend of aging in place may seem restricting to the housing supply, it presents distinctive opportunities for builders, contractors, and real estate investors.
For instance, the home renovation and remodeling industry could see a significant rise, given the growing demand for modification services to make homes senior-friendly. Innovations within this sector, such as accessibility enhancements, health tech integration, energy efficiency improvements, and adopting smart home technology, could be more prevalent in the coming years.
Further, it has also opened the door for businesses around the home healthcare industry, including caregiver services, telehealth, meal delivery services, home maintenance, and more.
Indirectly, the rise in aging in place could have a significant impact in shaping communities, as it may prompt the introduction of more senior-friendly amenities in local neighborhoods to cater to the needs of the aging population.
Conclusion
As seniors in Chicago increasingly choose to age in place, the implications ripple through a multitude of sectors not just limited to real estate. This growing trend calls for strategic approaches in real estate that not only facilitate the senior population’s residential needs but also ensure that the housing market maintains an important equilibrium.
While preparing for the housing market’s future may be uncertain and challenging, it’s essential to consider and embrace the changes driven by the senior population. After all, their choices and preferences will continue to shape the housing market for years to come. By recognizing their poise to age in place and addressing their housing needs attentively, we can navigate the challenges, seize the emerging opportunities, and contribute effectively to designing a productive and inclusive city for all.
