As land becomes increasingly scarce and expensive, more people are staying in their homes after retirement and modifying those homes to accommodate them as they age. As a result, residential elevator manufacturers are seeing a steady rise in sales.

"Our business has increased over 200 percent the last two years and 80 percent of that growth now comes from the baby boomer generation," said Jim Quinly, general manager of the residential elevator division at ThyssenKrupp Access, maker of the Lev residential elevator.

Residential elevators provide a new level of accessibility, regardless of age or physical condition. In addition to their convenience and low operating costs, residential elevators take up very little space, making them attractive to owners of townhomes and people who prefer living in urban centers where space is at a premium.

"The baby boomer generation has changed the paradigm of what kind of lifestyle their last home purchase is expected to deliver," Quinly said. "Aging in place isn't just a catchphrase for them, it's a necessity."