Baby Boomers and their Homes
37% of Baby Boomers plan to move to a new home once they retire.
Nearly half of the movers said they wanted to get a bigger place — and that they intended to spend more money on it. In fact, the report found that many of those who were looking to “upsize” were also looking to switch from renting to owning.
Those who said they plan to move into a smaller home were much more affluent, with a median net worth of $322,000, the Demand Institute found.
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Whatever the size of the home, Boomers seemed generally unconcerned about whether or not it would be “aging-friendly”.
More than 17% of the 76 million Boomers are already retired and about 10,000 will reach the traditional retirement age of 65 every day for the next 15 years. And even though many Boomers plan to stay in their current homes, the Demand Institute estimates that this generation will purchase about $1.9 trillion in homes over the next five years. “Their choices will have a real impact on the housing sector in the next several years,” said Burbank.