Aging in Place in the Vertical City: Elevators Are Now a Must-Have for Some Homeowners

There was a time when a private elevator was the ultimate status symbol—a feature you’d find in sprawling estates or penthouses perched high above the city. But in today’s housing market, that once-exclusive perk is transforming into a practical necessity for a surprising range of homeowners.

Driven by an aging population and the realities of urban living, more people are seeing elevators not as extravagant add-ons but as smart investments that make everyday life easier now and sustainable for decades to come. Whether it’s for navigating multiple flights of stairs, carrying groceries to the top floor, or planning for limited mobility later in life, elevators are helping turn vertical houses into true forever homes.

As America continues to build upward and buyers expect homes that adapt to all stages of life, these once-luxury lifts are proving they’re here to stay. Not as a showpiece, but as a thoughtful feature that keeps homeowners safe, independent, and comfortable where they most want to be: at home.

Why homeowners want elevators now

One of the biggest reasons more homeowners are seeking out residential elevators is simple: They want to stay put as they grow older. Yet only about 10% of homes in the U.S. are equipped for aging in place, according to research from AARP. Aging-ready homes are defined as a house that has step-free access, a bedroom and full bathroom on the main level, and accessibility features (like grab bars or raised toilets) in the bathroom.

With nearly 1 in 6 Americans now 65 or older, there’s a clear gap between what people need and what most homes offer. While a grab bar might be simple enough to install, it’s harder to turn a multistory house into a single-level home. Elevators are the natural solution.

Multigenerational living is adding to this trend. More families are building or remodeling homes with multiple generations under one roof—which often means more floors. An elevator can make moving between levels safer and more convenient for everyone, from aging parents to young kids.

America’s housing stock is also getting taller. According to U.S. Census Bureau data, the last two quarters of 2023 saw the highest share of single-family attached homes, like townhouses and row houses (which are often multistory), in nearly 30 years. By year’s end, townhouses made up almost 20% of new housing starts nationwide.

In dense cities and growing suburbs, narrow lots and high land costs mean homes are going vertical—and an elevator turns those tall homes into practical, age-friendly places to live for years to come.

Where elevators are showing up

In the Northeast, where classic row homes and new townhouses often stack three or four stories tall, elevators are quickly losing their exclusive, luxury-only reputation. Real estate professionals in Massachusetts say they’re seeing more newly built townhomes advertised with personal elevators, especially in walkable city neighborhoods and higher-end suburbs.

“Elevators are definitely something you see in homes that are set up, designed, and marketed for folks who want to remain in their homes as they get older,” Jeremy Henry, a Massachusetts-based agent, recently shared with Metro West Daily News. “It’s a lot more cost-effective to put an elevator in upfront than trying to add one later.”

But it’s not just the older, vertical cities of the Northeast where elevators are moving up on the priority list.

In fast-growing hubs like Austin, developers are squeezing more living space onto narrow lots by building homes upward instead of outward. Local building codes increasingly require elevators once a building reaches a certain height, partly to ensure accessibility and partly to comply with modern safety standards.

The cost factor

While an elegant solution to multistory living, elevators come with a major drawback: cost.

Installing an elevator in a newly built house typically costs between $40,000 and $100,000, depending on the model, size, and number of floors. Retrofitting an older home can cost even more, since builders may need to carve out space, reroute systems, and reinforce structural supports.

That’s why many builders and a growing body of real estate professionals recommend adding an elevator during the initial construction phase when possible. It’s far more cost-effective to plan for it upfront than to squeeze it in later. Some developers even design homes with “stacked closets,” which can be easily converted into an elevator shaft down the line if the owners decide they need one.

Price doesn’t stop at installation, either. Home elevators require regular upkeep to stay safe and smooth to operate. According to Caring.com, annual maintenance usually runs between $200 and $400, but depending on the type of elevator and how many floors it serves, it can add up to more than $1,000.

How elevators affect resale value

With nearly 1 in 5 Americans expected to be 65 or older by 2030, features that make aging in place easier, like a home elevator, can boost a property’s appeal to this growing pool of buyers. But there are trade-offs to consider.

Elevators require dedicated space that could otherwise be used for closets or living areas, and some buyers might be wary of ongoing maintenance costs or repairs down the road. Sellers looking to highlight an elevator should market it as a smart, future-proof upgrade that sets their home apart in an aging and increasingly vertical housing market.

The bigger picture: Designing homes for all ages

The rise of residential elevators is part of a broader push toward what designers call “universal design”—building homes that work for everyone, regardless of age or ability. Alongside elevators, this can mean wider doorways, step-free entryways, and accessible bathrooms.

As demand grows, cities and developers might face more pressure to update building codes and incentives to encourage homes that can truly last a lifetime.

For homeowners who want to age in place—even in a four-story townhouse—an elevator can turn that goal into reality, without sacrificing independence or the joy of staying at home for years to come.