Baby Boomers – Freedom to Live Wherever
Not Every Baby Boomer Wants to Downsize
It is a common misconception to think that as baby boomers and retirees find themselves with fewer or no children living at home, they automatically want to move to a smaller home. While that may be the case for some, many actually upsize to a larger home. Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions or extended visits.
Others want a home with less maintenance. Still others want to be closer to family. Some have enough equity in the current home to sell it and be able to buy a new home with cash from the proceeds of the sale.
According to a Merrill Lynch study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say they are likely to move at least once during retirement.
One participant stated:
“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”
The top reason to move was “wanting to be closer to family” at 29%. Next was “wanting to reduce home expenses” at 26%.
A recent Freddie Mac study found similar results, as “nearly 20 percent of Boomers said they would move closer to their grandchildren/children compared to 13 percent who said they would move to a warmer climate.”
Real Estate Bottom Line
If your housing needs have changed or will change in the near future, call or email me so I can answer questions about your next steps.