Importance of Home Survey
“There’s no place like home,” has never rung truer than it does in today’s world. But just exactly how important is a home, and does its hold on us grow stronger the longer we stay there? For older Americans, home is more than just a place they live. It represents their journey, their accomplishments, their family, and the life they have created. To learn exactly how important homes are to America’s seniors, especially after the events of 2020, AAG, the nation’s leader in retirement solutions, conducted the Importance of Home Survey with more than 1,500 senior homeowners, aged 60-75.
AAG Importance of Home Survey Results:
The majority of America’s seniors have no plans of ever moving from their current home. More than 80% of seniors say they want to live in their home for the rest of the lives.
RESULTS:
82% of seniors answered “YES”, they would live in their home for the rest of their lives if they could.
The urge to live in one’s home ties closely to a feeling of safety. More than four in five seniors say they feel safer at home than anywhere else.
RESULTS:
83% of seniors answered “YES”, they feel safer in their current home than other living options.
The COVID-19 pandemic strengthened how seniors feel about living at home. Half of America’s seniors say that the pandemic made their feelings about living at home stronger.
RESULTS:
50% of seniors answered “YES”, the pandemic and the events of 2020 made them more inclined to live at home for the rest of their lives.
From a financial standpoint, homes have become older Americans’ greatest investment. In fact, nearly three of every four seniors say their home is now their most valuable asset.
RESULTS:
73% of seniors answered “YES”, they consider their home their most valuable asset.
America’s seniors know how valuable their homes have become and are happy they made the investment. Nearly three in four seniors say that purchasing their home was the best financial decision they ever made.
RESULTS:
74% of seniors answered “YES”, buying a home was the best financial decision they have ever made.
Seniors have held on to their investments. Over half of America’s seniors have now paid off their home and are living without a mortgage. And for those who still have a mortgage, 40% are looking to use the equity they’ve built to eliminate their monthly payment*.
RESULTS:
55% of seniors answered “YES”, they had paid off their mortgage and 40% of seniors answered “YES”, if they had access to their home equity and could use it to eliminate their monthly mortgage payment*, they would consider it.
*Reverse mortgage loan borrowers must maintain home as principal residence, pay all taxes, insurance, maintain the home, and comply with all other loan terms.
America’s seniors see value in their homes that goes beyond finances. Nearly two in three seniors say they have an emotional attachment to their home.
RESULTS:
62% of seniors answered “YES”, they have an emotional attachment to their home.
America’s seniors see value in their homes that goes beyond finances. Nearly two in three seniors say they have an emotional attachment to their home.
RESULTS:
Results: 40% of seniors answered that “Independence” is the most important benefit to continuing to live in their current home. Their “Happiness” was the second most popular answer at 25%.
Family life is another substantial reason that seniors have an emotional attachment to their home. Over half of seniors say their home reminds them of their family.
RESULTS:
56% of seniors answered “YES”, their home reminds them of their family.
Seniors are communicating their desire to stay at home with their children and close relatives. More than two in three seniors have told their families where they would like to live for the rest of their lives.
(A reverse mortgage loan borrower could be subject to foreclosure for reasons including failure to maintain the property, and to pay property taxes, and homeowners insurance.)
RESULTS:
68% of seniors answered “YES”, they have told their families where they want to live for the rest of their lives.
AAG’s Importance of Home Survey was conducted on June 2, 2021, and included 1,552 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so that participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and homeownership being the only qualifying factors.
AAG is a national leader in providing home equity solutions, including reverse mortgages, designed to help older Americans achieve more financial flexibility, stability, security, and peace of mind for their retirement.
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Seniors plan to stay put!
Seniors want to age in the comfort of their own home. Over 90% of seniors said they would prefer to live their later years in their current home instead of moving to an assisted living facility.
RESULTS:
92% of seniors answered that they would prefer to live their later years in their current home, while 8% answered they would prefer to live in an assisted living facility.
Seniors plan to stay put!
Seniors want to age in the comfort of their own home. Over 90% of seniors said they would prefer to live their later years in their current home instead of moving to an assisted living facility.
RESULTS:
92% of seniors answered that they would prefer to live their later years in their current home, while 8% answered they would prefer to live in an assisted living facility.
From a financial standpoint, homes have become older Americans’ greatest investment. In fact, nearly three of every four seniors say their home is now their most valuable asset.
RESULTS:
73% of seniors answered “YES”, they consider their home their most valuable asset.
©2023 AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | Privacy
©2023 AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | Privacy