The economy has prevented many boomers from moving out of their old homes into residences that are more affordable and easier to maintain, according to The Philadelphia Inquirer.
The recession has left older adults unsure of their incomes and savings, particularly due to the poor housing market. Some baby boomers have bought multiple houses and are now paying two or more mortgages. Others have opted to stay in a home they would rather leave.
Economist Kevin Gillen told the news provider that one man placed a $60,000 deposit on a condo, but eventually worried that his retirement income couldn't cover the cost of the new unit.
He walked away from the deal, telling Gillen that "he was looking forward to never having to shovel snow or mow the lawn again, and that this hurt more than losing the [deposit]."
David Crowe, another economist, suggests that many older adults will have to age in place, even if their home isn't suited to their needs as they grow older.
Installing a medical alert system can ensure that boomers who are aging at home are also safe. This device can be particularly useful in the event of a sudden emergency, such as a fall or health condition, because users can send a medical alert to a nearby hospital.