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:
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
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.
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
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.