According to a Merrill Lynchstudy, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.
As one participant in the study 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 relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%.
A recent Freddie Macstudy 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.”
Not Every Baby Boomer Downsizes
There is a common misconception that as retirees find themselves with fewer children at home, they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.
Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them. According to Merrill Lynch:
"Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations."
If your housing needs have changed, or are about to change, let’s get together to discuss your next steps.
Please call or text Beth Gaffer at (864)214-6247.
Author:Beth M Gaffer Phone: 919-271-1833 Dated: July 21st 2016 Views: 331 About Beth M: ...
View our latest blog posts in your RSS reader. Click here to access.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
Print out and save this guide to real estate terminology- I hope you f
"Working with Gene Donohue was fun and non-stressful. He came highly recommended and he was very flexible and knowledgeable. Gene guided us through the entire purchasing process from looking at the property to closing on the house as efficiently as possible. He provided his personal insights on issues and helped in the negotiations. His positive attitude and patience with us was something I really appreciated as well. I felt like he went the extra mile for me and would definitely refer Gene to anyone. Thanks Gene. "