Aging in place can be far less expensive than an assisted living facility or nursing home. This is especially true if you’ve owned your home for a long time and the mortgage is paid off or your monthly mortgage payments are very low. According to HUD’s Office of Policy Development and Research, about 21 percent of individuals aged 65 to 74 and 18 percent of those aged 74 to 84 own their homes outright, meaning they no longer have monthly mortgage bills to pay. Meanwhile, nursing home costs have been steadily rising, making aging in place even more economical.