
More boomers are not downsizing for retirement
mskrsna
mskrsna

A growing number of baby boomers are choosing not to downsize their homes during retirement, but instead will stay in their current home or even upsize.
A growing number of baby boomers plan to stay in their current home rather than downsizing in retirement, according to a recent report.(1)
Half (52%) of boomers (who are now age 55 to 73) say they will never move from their current home. But even among those who plan to move, 43% expect their next home to be the same size as their current one, and 22% want to move to a larger home.
Pre-retirees who anticipate funding part of their retirement by moving to a smaller home should take note that there can be some important downsides to downsizing.
Accommodating family needs is one of the top reasons retirees choose not to downsize. Many boomers find their millennial children living with them well into adulthood, or “boomeranging” back home when faced with difficult job or housing markets. One in six senior households have younger generations living with them, according to the US Census. Moreover, many choose to remain in a larger home as an attractive place for grandchildren and other family members to visit during their retirement years.
There is also now a shortage of smaller, less expensive houses, pushing up prices and making it less attractive to downsize. From 2012 to February 2019, the bottom third of homes with the lowest prices appreciated an average of 8% a year, versus 5% for the most expensive units, according to an analysis by Trulia.
With mortgages paid off, many boomers are choosing to invest in their current home with improvements, according to the report. This can include renovating their homes to make them more aging-friendly.

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

Content Title
Subtitle
Source

I would like to learn more about...
Financial advantages of downsizing in retirement
Deciding where to live in retirement
Other topics related to purchasing or selling real estate
Thank you. Your inquiry has been sent.
Please enter your contact information

explore your life stages and events
Explore key stages and events in your life, such as marriage, parenthood, empty nesting, retirement, grandparenthood, and caregiving with a 15-20 minute questionnaire. You will receive a personalized Life Stage Profile and Road Map to help you navigate life's financial opportunities and challenges.
About us
references
1. “More Baby Boomers Stay in Their Homes as They Reach Retirement, Skipping Downsizing,” USA Today (May 21, 2019)