The U.S. is approaching a big demographic shift, and it’s already starting to reshape how people think about living as they grow older.

According to the U.S. Census Bureau, by 2034, there will be more people over 65 than under 18 for the first time in history, and the number of Americans age 100 and older is expected to quadruple by 2054.^1,2 Many of those older adults aren’t planning to move into assisted living facilities.³ Instead, they want to stay put in their own homes, a trend known as aging in place.

Why aging in place matters 

A recent AARP survey found that 75% of adults aged 50 and older would prefer to stay in their homes as they age.⁴ It’s not hard to see why. Moving out of a beloved home can be emotionally challenging and expensive, and many seniors see aging in place as a way to avoid those disruptions.

Staying in familiar surroundings offers comfort, independence, and the chance to remain close to neighbors and communities. But aging in place also requires some planning — and, in many cases, a bit of remodeling, which can be costly, to help ensure living spaces meet their needs. 

In 2024 alone, about 4.1 million Americans turned 65. That’s a huge wave of possible retirees potentially reevaluating their living situations and looking for ways to make their homes work for the long haul.

Read more: The silver wave: record-high 4.1M Americans will turn age 65 in 2024

Options for seniors 

Aging in place is also an option for those who plan to have someone help them with caregiving in their own home. In some cases, family members plan to handle the care, with 47% of adults aged 18 and older saying they are currently or plan to be a caregiver for an older loved one. While 52% of those caregivers anticipate taking care of that person in their loved one’s home, 33% believe they’ll care for them in their own home.⁵

This can be a balancing act for those who find themselves caring for both their children and aging parents at the same time. The Pew Research Center found that 54% of people between the ages of 40 and 59 have a living parent aged 65 or older and are either raising a child under 18 or supporting an adult child financially.⁶ This group of caregiving adults is part of the “sandwich generation,” and it is becoming more common as life expectancy rises.

What is needed to age in place? 

Aging in place might save money compared to assisted living, with the average monthly cost of living in a mid-range retirement community about $4,500. But there are associated costs for remodeling a home, if needed. The national average is $3,000 to $15,000 for adapting a home for aging in place.⁷

AARP’s data shows that 43% of adults age 50 and older believe their current homes would need modifications to make them safe and accessible. Among changes, 72% plan on easy fixes for the bathroom, like adding grab bars and non-slip tile (72%), 71% expect they’ll need bigger projects like installing stair lifts or widening doorways for wheelchairs for easier access, and 39% believe they’ll need to add accessible features to the kitchen.⁸

Read more: Forget the timeshare, people opt for a lifeshare: The economics of endless travel

The benefits and challenges 

Aging in place has potential benefits for older adults, by allowing them to maintain their independence, stay connected to their communities, and potentially save money compared to moving into assisted living.

But there are challenges, too. Without proper planning, the costs of modifications and caregiving could strain finances. Homes that aren’t updated properly might pose safety risks, and falls or injuries could lead to costly medical bills.

There’s also the issue of family dynamics. Many adult children find themselves balancing caregiving for aging parents while raising kids of their own. Open communication and shared planning can help lighten the load.

Looking ahead 

The aging population will likely reshape housing and financial trends in the coming years. Communities are starting to recognize the importance of supporting aging in place, with more initiatives focused on things like age-friendly zoning and accessible public transportation. On top of that, technology is playing a bigger role. Wearable health monitors and AI-powered caregiving tools are making it easier for seniors to stay independent.

It could help to make a plan in order to age in place, considering everything from home updates to financial resources.