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Aging Boomers Push Demand for Elevators

Everyone gets old, and a population wave of higher-income baby-boomer buyers wants to age in place. For many of them, that means a home elevator.

NEW YORK – Older people shopping for luxury homes increasingly put an elevator high on their must-have list. These clients are often mobility-challenged, says Florida-based real estate agent Russell Franchi.

“We have a lot of baby boomers that are retiring, and it’s just something that a lot of clients looking for homes starting around $3 million think about, or have it high on their list,” Franchi says.

Kaitlind Meeks-Price with Maryland-based Delaware Elevator says home elevator sizes vary, though the typical starting price for a basic three-stop elevator, including installation, is about $32,000 to $35,000.

There’s also a cost for maintenance. Meeks-Price says elevators should be serviced at least once a year for the first five years, and then every three months.

Beyond function, elevators can also be aesthetically attractive in a home. Meeks-Price says she sometimes sees murals painted in the elevators she sells.

San Francisco-based architect Mark Jensen extends light into the home via a skylight or window in conjunction with glass elevator shafts. “Then the ride in the elevator itself is more enjoyable if you can see out of a glass cab or through windows and get views as you move up through the building,” he says.

Source: Wall Street Journal (04/26/23) Picard, Lia

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https://www.floridarealtors.org/news-media/news-articles/2023/05/aging-boomers-push-demand-elevators