A study was done by Merrill Lynch looking at baby boomers and their retirement plans. Results showed that there were about 4.2 million baby boomers who moved into a new home last year, with two-third expressing interest in moving at least once in their retirement.
“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.”
Reasons cited by baby boomers for moving included the desire to be closer to family (29%) and hoping to lower home expenses (26%).
A study by Freddie Mac showed similar answers, which found that almost 20% of baby boomers had the desire to move closer to children and grandchildren, while only 13% were focused on moving to a warmer climate.
Not All Baby Boomers Want to Downsize
It is generally assumed that retirees always want to downsize once their children leave home. However, while half of retirees did plan to downsize, it was found that 3 in 10 actually chose to upsize to a larger property in retirement.
Some retirees look for a home in a desirable location and wanted more space for vacations, reunions, extended family visits or allowing other members to move in. Merrill Lynch said:
“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”
Bottom Line
Did you know that with the current status of the housing market, mortgage rates are still sitting at historic lows? Now is the time to think about buying, whether it be to upgrade or downsize! At Showcase Realty we would be happy to talk to you about all of the possibilities. Call us today at 704.997.3794 or send us a message here!
In order to understand why interest rates on mortgages have dropped below 4%, click here.
Did you know that North Carolina has been recognized as one of the best places for an investment with great ROI? Check it out: Top Places for Real Estate Market Investments in the U.S.
If you are thinking of buying a home in North and South Carolina check out our Exclusive VIP Buyer Satisfaction Guarantee! Details here!
Try our new app, share your thoughts in our exclusive forums, and be part of something amazing. Sign up now for access! https://showcaserealty.net/charlotte-short-sales-services/
Discover what our clients are saying about us. Click here!
Like What You’ve Read?
If so, please join our newsletter and receive exclusive weekly home buying tips, financing guides and Charlotte, NC real estate news. Enter your email and click Send Me Free Updates. Read this to find out why buying a home is 38% cheaper than renting an equivalent home. https://showcaserealty.net/home-buying-38-percent-more-affordable-than-renting/
Send Me Free Updates