“Age in place or stay put? »

Homeownership is no longer the blessing it once was for older Americans.

When it came to housing, Susan Apel and Keith Irwin thought they had adroitly planned their future lives. They bought a four-bedroom house on two acres in Lebanon, New Hampshire, 24 years ago, and “we made sure we paid off the mortgage before we retired,” said Ms. Apel, 71. .

This way, the home equity they had built up (they estimate their home is now worth about $700,000) would allow them to sell and downsize their home into smaller, more manageable accommodations when they need them.

< p class="css-at9mc1 evys1bk0">That time has arrived. Ms. Apel, a retired law professor, has difficulty climbing stairs. Mr. Irwin, 71, a former accounts manager for a local company, is tired of yard work and shoveling snow, and it has become difficult to find workers to do those tasks instead.

“We see what’s on the wall,” Ms. Apel said. They started looking for "a nice two-bedroom condo with a small living room, all on one floor."

But they couldn't find one. Local developers are building four-story townhouses with even more stairs. The few suitable one-story houses available are instantly snatched up. City dwellers fleeing Covid have helped drive up housing prices: One unit the couple viewed recently cost $950,000 and needed work, Ms. Apel reported. Even the “little shoe boxes” sell for $600,000.

“We were very grateful to live in this beautiful place and to have paid for our house,” said said Ms. Apel. "It never occurred to us that this didn't give us a way out."

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