Over the next 20-40 years, seniors will represent roughly 25 percent of the population.1 This demographic shift brings financial and emotional challenges for today’s families, especially when it comes to living situations. In fact, 44 percent of new home shoppers have room for aging parents on their list of considerations.2
Having a parent move in allows for more quality time together and provides peace of mind. Plus, this option is often less costly than a nursing home ($80,000 per year, on average) or an assisted living residence (roughly $43,000).3
But there are many considerations to ensure your home will be a comfortable (and safe) place for everyone living there. The good news is that some of these fixes are small, quick and easy or even free. Depending on your loved ones’ needs, several more complex and pricier renovations may be required, so it’s important to start thinking about these (and saving accordingly) as soon as possible.