Baby Boomers aging in place dominate Chicago's housing market - Chicago Sun-Times

There's no place like home, especially when you're getting older.

I shed tears when I moved out of the three-story house I had lived in for nearly 30 years and into a three-bedroom, high-rise apartment on Chicago’s South Side.

And let's face it, after a lifetime of independence, many of us are not looking forward to packing up and moving in with a son or daughter.

Still, it would be foolish to ignore the inevitable, especially if your health is declining.

After all, the average senior can't afford to live in a posh retirement community any more than they could afford to live in a luxury condo downtown during their younger years.

Many of us will be "aging in place" because we have no options.

So, what does aging in place mean?

The U.S. Centers for Disease Control and Prevention describes it "as the ability to live in one's own home and community safely, independently, and comfortably, regardless of age, income or ability level."

According to a 2021 AARP survey, "more than three-quarters of adults 50 and older said they wanted to stay in their homes or communities as they age."

That means most seniors don't want to move to an assisted living facility or nursing home.

I'm sure there are plenty of quality assisted living facilities in the Chicago metro area but I've been in enough bad ones to know that's not where I want to spend my last days.

Seniors decisions to not move has impacted the housing market, according to Construction Coverage, a company that specializes in researching construction software, insurance, and related services.

The headline on an email that landed in my inbox this week leaped out: "Boomers own 35.6% of Chicago homes amid a housing shortage."

The email was pitching the company's recent report that claims, "First-time home buyers, especially millennials and Gen Xers, are facing an uphill battle when looking for a home, partly because baby boomers … are planning to stay put."

The report found:

Baby boomers account for 35.6% of homeowners in Chicago, though they make up only 19.9% of the metro population.
Nationally, baby boomers comprise 20.7 % of the population and account for 37.8% of all U.S. homeowners.

The report, however, said that the Chicago area housing market is "less dominated" by baby boomers than the nation.

The reason for that could be cultural. Many homes are still multi-generational and include grandmothers, grandfathers, and aunts and uncles who had no children.

In many cases, especially in lower-income neighborhoods, an adult child, grandchild, or other relative will move in with the senior, provide care and companionship, and inherit the property after the parent has passed on.

For those seniors who desire to age in place, some tips on the National Institute on Aging may help keep them safer:

Reach out to people you know, like neighbors or relatives, when you need help.
Learn about community resources.
Get help during the day from a caregiver.
Be prepared for a medical emergency
Look into government resources.

Tragically, just as there are abusive caregivers, there are abusive relatives who swoop in and take advantage of seniors. If you expect abuse, exploitation, or neglect of a senior, call the Adult Protective Services at 1-866-800-1409.

Seniors are living longer, and that's a blessing. They should be able to stay in their communities as they age. The senior population's growth means we must provide more housing tailored to their needs.

For more information about aging in place, visit the National Institute on Aging Website: https://www.nia.nih.gov/health/aging-place/aging-place-growing-older-home#time

To read Construction Coverage's full report: https://constructioncoverage.com/research/baby-boomer-dominant-housing-markets

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