Baby Boomers: Home Is Where the Heart Is!!

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Real Estate Agent RES. 0769103

Baby Boomers Find Freedom in Housing | Keeping Current MattersWithin the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period, according to the Joint Center for Housing Studies of Harvard. Let’s take a look at why…

In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices” they surveyed nearly 6,000 adults ages 21 and older about housing.

Crossing the “Freedom Threshold”

Throughout our lives, there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61.

The study refers to this change as “Crossing the Freedom Threshold”. When where you live is no longer determined by responsibilities, but rather a freedom to live wherever you like. (see the chart below)

Crossing The "Freedom Threshold" | Keeping Current Matters

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.” 

On the Move

According to the study, “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.

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”. See the chart below for the top 6 reasons broken down.

Reasons for Moving in Retirement

 

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with less children at home that 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.

"Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations."

Bottom Line

If your housing needs have changed or are about to change, please contact me for help with planning your next move-- whether it's relocating to a new area or realigning your space needs in Greater Hartford, I can help!

Posted by

 

Laurie Murray Logo

Laurie Murray

Keller Williams Realty

(860) 212-8305 Mobile/Direct

www.liveingreaterhartford.com

"Serving West Hartford & Nearby Communities."

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Rainmaker
2,224,416
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This is a subject that must be explored to a conclusion at some point. Either stay or go and why.......... has to be discussed. Good posting here and thank you Laurie Murray 

Mar 26, 2015 12:42 AM #1
Rainer
70,357
Laurie Murray
West Hartford, CT
Serving West Hartford & Surrounding Communities

Thanks Richie!  I'm not quite there yet but can't wait to explore the possibilities of a 2nd home in retirement (or sooner)!

Mar 26, 2015 12:49 AM #2
Rainmaker
749,015
Troy Erickson
Diverse Solutions Realty www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Laurie - Interesting post, and am not really surprised that many crossing the "Freedom Threshold" age decide to move closer to family.

Mar 26, 2015 04:25 AM #3
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Rainer
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Laurie Murray

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