The NAHB’s Remodeling Market Index (RMI) survey has asked questions about Aging-in-Place (AIP) periodically, beginning in 2004. According to results from the Q1 2023 survey, 63 percent of professional remodelers undertake projects designed to allow homeowners to Age-in-Place, down from 77 percent in Q4 2018. This is the lowest percentage since the Q2 2006 survey (60 percent).
When asked about the age groups of homeowners who request Aging-in-Place work, 75 percent of remodelers indicated that homeowners are 65 years or older, followed by 55 to 64 years at 70 percent. These two age groups have consistently been above 70 percent since the Q2 2013 survey.
Ninety-eight percent of remodelers cited that most or some of their consumers are familiar with the Aging-in-Place concept. That share was 75 percent in Q4 2004, indicating a significant increase in awareness among consumers over the last two decades.
Grab bars are the most common AIP project, with 93 percent of remodelers reporting this job in the last year. They are followed by curb-less shower at 83 percent, installing higher toilets at 77 percent, widening doorways at 63 percent, and adding lighting/task lighting at 49 percent.
Seventy-six percent of remodelers indicated that requests for Aging-in-Place features have significantly or somewhat increased over the past 5 years. This figure has not changed much since the inception of the series in 2004.
As for the reason why customers are undertaking Aging-in-Place projects, 88 percent of remodelers stated that customers are planning ahead for future needs, followed by living with older parents at 50 percent.
Sixty-two percent of remodelers indicated that a majority of their Aging-in-Place work was determined by the client, whereas the other 38 percent said it was mostly suggested by the contractor. Across its history, determined by client has consistently been above 50 percent.
When asked how receptive potential clients are to incorporating suggested Aging-in-Place modifications, 55 percent indicated that their customers were very receptive and 45 percent were somewhat receptive. Only 1 percent stated that customers were not at all receptive to these modifications.
To view the results from NAHB’s RMI survey in tandem with the Aging-in-Place (AIP) Special Questions, please consult the full survey report.
This article is a great reminder of the importance of remodeling for aging in place. Construction loans can help homeowners make these changes to their home and ensure they can stay in their home for years to come. If you want to best guide, builderloans.net is the one to find!