The Joint Center for Housing Studies of Harvard projects that within the next five years, Baby Boomers will have the largest household growth of any other generation in the same time period. Why? Nearly 6,000 adults ages 21 and older were surveyed about housing in Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices.”
CROSSING THE FREEDOM THRESHOLD
The study indicates facts with which many of us can relate – our lives’ responsibilities often dictate where we live. We make housing choices based on the best school district for our children or a location close to our jobs; this often changes at age 61 or soon after. The study calls this change “Crossing the Freedom Threshold”; freedom to live wherever you choose often comes in retirement.
ON THE MOVE
Last year, an estimated 4.2 million retirees moved into a new home according to the study, and two-thirds of retirees report that they are likely to move at least once during their retirement years. The primary reason given, at 29%, is “wanting to be closer to family.” Secondly, 26% of those surveyed cited “wanting to reduce home expenses.” Other top reason were “change in health status” (17%), “change in marital status” (12%), “empty nesting/children move out” (7%), and “wanting the money from the sale of prior home” (7%).
Not every retiree makes the choice to downsize; the study reports that three in ten actually upsize to a larger home. Some decide to purchase a home as a destination with extra space for reunions, extended visits, large family vacations, or to have other family members move in with them.
WHETHER YOU’RE A RETIREE OR NOT, IF YOUR HOUSING NEEDS ARE CHANGING, CONTACT US TODAY TO DISCUSS YOUR REAL ESTATE OPTIONS.
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