The market lost so much of its value...
Home values have depreciated instead of experiencing rapid appreciation of not so long ago...
Job loss and unemployment rates are on the rise and most likely we are in for a January surprise with even more companies waiting until after the holidays to make a decision about cuts...
And so, what is someone to do when they have a loved one who should not be living on their own?
During these trying times, many more families are turning back the clock to a time when family was expected to care for family, and time and resources could be dedicated to such an effort. Instead of having a loved one move to the assisted living community down the street that may cost $3500 a month, they are choosing to move the loved one into their own home.
Instead of that independent senior who could benefit from just a bit more social interaction moving to a retirement community where they have to pay up-front $150,000+ and a monthly fee in the thousands, extended families are adding on additions for grandma and grandpa.
This has a three-fold impact: 1) young families having difficulty paying their mortgage now have a trusted and loved renter who can help with the monthly payments 2) the senior who struggled to see their family on a regular basis before, now gets to establish a more on-going relationship with each grandchild and child 3) retirement communities, assisted living communities, and alike are struggling more today to convince seniors to choose them over their families, leaving an industry in a bit of turmoil.
In analyzing the results, #1 impact is all upside. Family who might have been on the edge before financially, now gets a chance to sustain their lifestyle and the senior feels that they are proudly and partially responsible for the well-being of their kids.
As for the #2 impact, there is potential for both upside and downside. Whereas tens of thousands are activily involved in their grandchildrens' lives today, with many grandparents playing the primary provider to their grandchildren, for those seniors making a late transition into this role, it may prove unsettling to the family dynamic. It might also prove a bit lonely to the senior if they are not able to establish their own sense of social self, separate from the family.
In terms of #3, the industry as a whole will likely benefit in the long run from running things more efficiently. However, in the short-term, a lot of well-meaning individuals face unemployment. This is despite the fact that the professional caregiver market is suppose to be one of the ripest industries to come in to in today's economy. Additionally, families may try to play the role of a nurse or resident assistant, when in reality, even taking cost to heart, their family member would be better off in the hands of those with the training, patience, and track-record of serving others.