I am sure you are aware, aging baby boomers are becoming a significant market for both new home construction and remodeling home sales. These baby boomers do not plan to go gentle into that good night. They are modifying their existing homes with accessibility features such as remodeling kitchens by lowering cabinets and sinks, adding front loading washers and dryers in the utility rooms, and increasing door sizes to make them more convenient for wheelchair usage. Many affluent boomers are building their last homes, and they want to make sure that they can remain in them should they become less mobile.
As this generation ages, more and more owners are recognizing the value of installing a home elevator. It not only increases mobility and improves the quality of life for the current homeowner, but it also enhances the future resale value of their home. No one wants to drag laundry, luggage, or recreational equipment up and down the stairs when an elevator is available to do the hard work.
Even in this down economy, the sale of residential elevators has increased over 200% in the last two years and 80 percent of that growth has come from this older generation. Most of these elevator units have been installed in homes worth $300,000.00 or more. The typical unit costs around $20,000.00, which is a similar cost of a modest kitchen remodel, and should increase the value of the home 10%. This cost factor is about half of the cost of residence in an assisted living facility for one year.