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.
THINKING ABOUT RETIRING IN THE CHARLOTTE, NORTH CAROLINA METRO AREA?
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