The reason why many elderly people still stay in their houses is also that they cannot live cheaper elsewhere. The house is paid off, shortly before retirement the biggest things are taken care of, and then they just spoil themselves and pay the additional costs. So why should they move from 150sqm to 90sqm, pay more monthly and have to part with many things beforehand because they cannot take them with them? I would have no problem downsizing later and taking something cozy on one level with little work, but not for (then probably) double the price.
The reason why many elderly people still stay in their houses is the misconception that they live cheaper there than in an apartment. My father (79 years old) lives alone in a terraced house from the 1970s. In the last 12 months, he consumed 3,000 liters of heating oil here and had to refuel for 3,800 euros. The three of us spent 490 euros on gas in our apartment during the same period. Then every winter his overwhelm when snow is lying and he has to clear the 20 meters of walkway in the morning while we are still cuddled up under the blanket listening to the janitor shoveling and turn over again – priceless. Not to forget the hyperventilation he always gets when he thinks he has to cut his thuja hedge surrounding the property all by himself because a) he wants to save money on the gardener and b) doesn’t want to wait for someone to help him – wonderful. I don’t even want to talk about the lawn mowing here; it’s already grown so high again that you could braid it. Neglect also regularly backfires on him. Since he saves money on the annual heating maintenance, his oil heating regularly incurs expensive repairs. Because the heating technician knows he doesn’t question the repairs, they regularly get more expensive. The last one in 2020 came to 1,800 euros – a real bargain. Honestly: he would live much more relaxed and cheaper in a nice apartment.