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 cited for relocation was “ wanting to be closer to family ” at 29 %, while a close second was “ wanting to reduce home expenses .” See the chart below for the top 6 reasons broken down .
Not Every Baby Boomer Downsizes
There 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 .
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 , let ’ s get together to discuss the options available to you now .
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