Saturday, November 22, 2008
Housing crisis slows ability of elderly to move into assisted living
Jack Healy has a front page story on the Nov. 22, 2008 New York Times, “Unable to Sell Homes, Elderly Forgo Move to Assisted Living,” link here. The article was references in a Times blog entry by Jane Gross, “Stuck at Home”. Many elderly people who want to move into assisted living are unable to sell their homes for enough money to afford assisted living, especially the entry fees. There doesn’t seem to be an accurate idea of the effect of the foreclosure crisis. They may remain in homes that are too large to maintain or dangerous to navigate without expensive retrofitting. That could cause other relatives, especially adult children and especially childless or unmarried adult children, to be pressured to move in with them, even of these adult children have suitable homes of their own, as I’ve pointed out before.
Assisted living centers find their waiting lists disappearing and sometimes have to return deposits when applicants are unable to sell.