Featured News 2015 New Study Finds More Retirees ‘Upsizing’ Homes

New Study Finds More Retirees ‘Upsizing’ Homes

Traditionally, retirees are known for downsizing in retirement. The move was thought to be less of a financial burden, less house to maintain, and less to clean. But, a new study may have proved that today's retirees are be moving towards buying larger homes, not smaller ones.

According to a recent study of over 3,600 respondents – Merrill Lynch Age Wave, 65 percent of retirees polled said that they're currently living in the best home of their lives.

11 Million Retirees in the Next 10 Years

With Baby Boomers reaching retirement age, in the next ten years the number of 65 and over households in the United States are expected to reach nearly 11 million.

As more Boomers move into retirement, they are thinking about buying a new home. The study found that 64 percent of retirees will likely move at least once after they retire. For the retirees who decide to move, only half downsize, leaving many to move into larger homes, according to the study.

The study found that 49 percent of the retirees didn't downsize in their last move, and over 30 percent wound up moving into larger homes. The top reasons for retirees upsizing were:

  • They wanted a home large enough for family to visit (33 percent)
  • They wanted the home large enough for family to live with them (20 percent)
  • They had a "boomerang" child who moved back home (16 percent)

Of the retirees surveyed, 19 percent said that they upsized during retirement to have a more prestigious home, and another 16 percent said that they wanted a larger home so they had room for their friends to visit, according to the study.

The retirees who chose to downsize did so mainly for financial reasons: they said they wanted more freedom from maintenance and financial burdens.

Are you interested in upsizing or downsizing during your retirement? If so, reach out to a real estate attorney for legal advice!

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