Top 6 Reasons For Moving In Retirement

By
Real Estate Agent with Coldwell Banker Residential Brokerage

 

The top six reasons for moving in retirement may surprise a lot of people. The "conventional wisdom" has long been that retirees seek to downsize their homes once they are empty nesters, but interestingly, as the chart below shows, only 7% of retirees move because they are empty nesters looking to downsize. And in fact, 3 out of 10 retirees move up to a larger home.

 

Another "conventional wisdom" has long been that retirees sell/move in order to pull equity out of their homes, having used their homes as a form of "enforced savings." Yet, statistics show thay only 7% of retirees move to pull equity from their homes.

 

Baby boomers are projected to be the source of the largest household formations of any age group in the coming five years. And as two-thirds of surveyed retirees say they expect to move more than once during their retirment years, it's also clear that the reasons for moving change over time and that demand for housing for this large population segment will remain strong.

 

Last year some 4.2 million retirees moved and almost one-third of them moved to live closer to family--that's over 1.2 million retirees. The Charlotte region has benefitted greatly from this trend. We see lots of empty nesters and grandparents moving here to live closer to their children and grandchildren, while benefitting from the lower cost of living, affordable housing, and temperate climate.

 

Top 6 reasons for moving in retirement

 

 

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Nina Hollander

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2019 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Patricia Kennedy 03/28/2015 11:58 PM
  2. Praful Thakkar 03/29/2015 10:00 PM
  3. Roy Kelley 06/07/2015 07:00 PM
  4. Kathleen Luiten 04/03/2015 12:00 AM
Topic:
Real Estate Market Trends
Location:
North Carolina
Groups:
Inspiration !!
Charlotte NC Real Estate
Charlotte North Carolina Area
Union County NC Real Estate
Old Farts Club
Tags:
retirement
why retirees move

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Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Nina Hollander 

This was fascinating! I was surprised by the findings, but based on some of my experience wth relocation buyers who are retiring I should have been if I had thought about it. Most of them WERE moving due to family, and a couple moved into bigger homes than they had, and more expensive (in one case) from where they used to live. And out weather/climate is, of course, a big draw

Jeff

Mar 29, 2015 11:08 PM #70
Ambassador
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Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

I wonder where these stats come from. It is different here in Detroit area

Mar 30, 2015 01:28 AM #71
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Russ Ravary ~ Metro Detroit Realtor ~  Russ, these were from an in-depth study Merrill Lynch did surveying over 6,000 people as to the reasons for their move and their plans to move.

Mar 30, 2015 02:15 AM #72
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jeff Dowler CRS ~ I know, first the information seems surprising and then when you think about it and your past clients you realize you've experienced it.

Mar 30, 2015 02:16 AM #73
Rainmaker
321,335
Jack Tenold
Jack Tenold LLC - Spokane, WA
Specializing in Reverse Mortgages

Hi Nina.  Glad your area (and you too) benefit from the folks who are moving. I read your blog with particular interest and just wanted to add that technology as aids for retirement (moving or not) was the topic of an article  in my local Sunday paper.   Nanci Hellmich wrote "Retirees Embrace Ways to Age in Place" from USA Today.  Good stuff. 

 

Mar 30, 2015 07:21 AM #74
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I would have guessed moving closer to family.  Also, here in the frigid northeast, I am sure many move to get to warmer weather.

Mar 30, 2015 01:07 PM #75
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Whitebook ~ no question that many do move for warmer weather. But it was interesting to see just how many moved due to family considerations, which in some cases obviously means moving to colder climes.

Mar 30, 2015 09:46 PM #76
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jack Tenold ~ thanks for stopping by. I need to now go and track down that article you mentioned.

Mar 30, 2015 09:47 PM #77
Rainmaker
160,827
Ray Wright
Keller Williams Realty - Riverside, CA
SoCal Realtor - A.L.C.

I'm thankful that all my kids live within 10 minutes so my main reason for retiring is already taken care of.

Mar 31, 2015 11:12 AM #78
Rainmaker
313,372
Christina Sanchez Hood
Palo Alto, CA
#SiliconValleyHOODS | Inspired Living

Nina, great post.  I think being close to family is super important and can see why that would be the main reason to move in retirement.  I suppose if it is to pull the money out of a home, then being closer to family would be even more important.

Mar 31, 2015 04:51 PM #79
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ray Wright ~ you are lucky in that regard and you don't need to escape bad weather either!

Mar 31, 2015 08:39 PM #80
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Christina Hood ~ I think as one gets older it is comforting to know that family is nearby to help if needed.

Mar 31, 2015 08:40 PM #81
Rainmaker
348,777
Patty Mortara REALTOR CRS | Hunterdon County (NJ)
Hunterdon County Homes - Flemington, NJ

In our local market the Baby Boomers aren't leaving the area, they want to stay where their friends and family are. Some are downsizing from their "big" single family home to townhomes or smaller single floor living properties.

Apr 01, 2015 01:23 AM #82
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Patty Mortara REALTOR, ABR, CRS ~ I think there are lots of people who choose to "age" in place in terms of location and often even in terms of their house.

Apr 01, 2015 06:47 AM #83
Rainmaker
770,276
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Nina Hollander 

It has always amazed me when retirees actually move up in the size of home they live in.

Jun 07, 2015 10:55 PM #84
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Doug Dawes ~ I'm one of them. Moved from NYC and 2000 sf to Charlotte into a 4,400 square foot home; then to a 5,700 square foot home. We sort of downsized 8 years ago to a 3,500 square foot home, which I know many people think is a large home.

Jun 07, 2015 11:00 PM #85
Rainmaker
3,247,867
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Nina

I missed this post the first time . . . . Thanks to Roy Kelly re-posting your blog I read it tonight. Very informative post . . . . and it's right on point.

Good luck and success.

Lou Ludwig

Jun 08, 2015 09:56 AM #86
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Nina, that's a great post.  I'm surprised by the findings.  

Jun 08, 2015 10:40 AM #87
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Thanks, Lou Ludwig ~ so many assumptions are made in our business, sometimes it helps to point out that things are not always what we think they area.

Jun 08, 2015 09:58 PM #88
Rainmaker
3,100,112
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Thanks, Juli Vosnik ~ just goes to show that making general assumptions about any generational group could lead you down that proverbial garden path!

Jun 08, 2015 09:59 PM #89
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