Aging in Place
By: Hannah Gable, Director of Strategy and Operations
-
We’re trying something new at Ivory Innovations – sharing a perspective about a recent trend or issue area we’ve seen in the housing world. But we don’t just focus on issues at Ivory; we focus on solutions. So in each post you’ll hear about some of the innovators we’re meeting through the Ivory Prize and how they’re changing the industry.
This is a perspective. We’d love to hear your thoughts.
Aging in Place: How Population Change Can Steer Innovation
Current Challenges in Senior Living and Home Modifications
The U.S. population is the oldest it has ever been, and the share of Americans over the age of 65 is projected to increase by 47% over the next two decades. With these shifting demographics, there is increased conversation around “aging in place” and “aging-ready homes”.
Is our existing housing stock prepared? Most don’t think so. Dr. Jennifer Molinsky with the Joint Center for Housing Studies shares that “fewer than 4 percent of US homes offered the three key features of accessible housing—single-floor living, no-step entries, and wide hallways and doorways.”
Recent findings of a Redfin analysis on 2022 U.S. Census data offer a twist to the idea of “aging in place” – they find “empty-nest baby boomers own 28% of the nation’s large homes, while millennials with kids own just 14%”. So, should we encourage elderly couples to modify their 3-bedroom, 2,000 square foot homes with grab bars and widened doorways, or downsize to a home that better fits their lifestyle? Given mortgage rates, even if they did significantly downsize, their monthly payments might look similar, so can we blame them for staying put?
The Need for Senior Housing Innovations
Regardless of where you sit on this debate, it is clear we need more innovation in housing when it comes to aging in place and senior living. So why haven’t we seen much innovation thus far? There are low operating margins and severe staff shortages, and many seniors are on fixed incomes, meaning firms have low pricing power. But my perspective is: While most entrepreneurs don’t see a compelling business opportunity, seniors are one of the largest and fastest growing demographic groups, and it’s a space beginning to take off.
Innovative Solutions for Aging in Place: Three Models Paving the Way
We’ve seen three innovative models bringing creativity and energy to this space – whether to help seniors age in place, move into a senior living facility, or downsize. Rosarium Health, Silvernest, and Villa Homes all illustrate the potential for both supporting seniors and scaling a profitable business model at the same time.
Rosarium Health
Rosarium Health is a Texas-based technology platform connecting general contractors that specialize in aging in place and disability-focused home modifications with homeowners – they primarily target low-to-moderate income homeowners that might not otherwise know how to find affordable contractors. Service providers pay a monthly subscription fee to be on the platform, and homeowners are connected with contractors that match their price point. Rosarium Health makes the home renovation process – a process that can be expensive, complicated, and stressful – more streamlined and accessible.
2. Silvernest
For those that want to stay in their home and are looking to bring in some extra income and/or build new social connections, Silvernest is a roommate-matching platform for senior adults. Through the app, a “homeseeker” creates a profile with their home sharing preferences and expectations, and is then connected to a few “hosts” that best match their profile. Silvernest serves two important populations – older adults that want to remain in their home and are open to a roommate, and those that want to (or have to, for financial reasons) leave their home but might not be able to afford a senior living facility.
3. Villa Homes
Villa Homes, the largest prefab ADU builder in California, recently announced their “Comfort Series” design – a wheelchair-friendly ADU. Each home includes handheld shower heads, comfort height toilets, and wheelchair and walker accessible doorways and hallways. Customers can choose to add a wheelchair ramp, lowered shelving in the closet, or bathroom grab bars. Villa is bringing a mobility-focused product to market, providing older adults looking to downsize with more options to do so.
Embracing and Inviting New Innovations in Senior Housing
Across these three innovations, we see housing for older individuals that may have varying preferences for where and how they live. Rosarium Health, Silvernest, and Villa are strong examples that demonstrate the potential for innovation in this industry. And we invite more innovators to join them. The U.S. population is aging, and seniors are the fastest-growing group experiencing homelessness. It is clear we need bold and creative solutions to make housing for older adults more affordable and comfortable.
The perspective above is my own, and does not represent a viewpoint of Ivory Innovations.