Economists are seeing a few different moves that baby boomers are making when it comes to the real estate market. Some baby boomers want to stay in their home, but at what cost? Almost a quarter of baby boomers recently surveyed by Freddie Mac say they need major renovations done to their home to be able to stay there as they age. Freddie Mac’s chief economist Sean Becketti, says that those who do plan to age in their own place, do so at the risk of underestimating the extent of financial costs of outfitting their home with features so that they can do so.
The more popular answer was downsizing. Baby boomers quoted wanting to be closer to family and wanting to reduce home expenses. Moving near family has two benefits; one is that they grow closer to their family and have a large part in their grandchildren’s lives. Also as their health deteriorates, they have someone near to take care of them. Although as they age, more freedom is available to them and they are looking at smaller homes that are closer to various social outings, churches and communities. Some baby boomers value their independence and want to move out to a warmer climate. Less snow and ice to deal with, and it has been proven as overall healthier choice for those with joint pain.
A less popular option was actually upsizing their home. Some choose to buy a home in a desirable destination with extra space for large family reunions, extended visits, or to allow other family members to move in with them. Baby boomers still find themselves as the head of the family and as such, their homes are oftentimes the place for the family to gather and reconnect during holidays and summer vacations.
With any decision that you would like to make, your Shorewest, REALTOR® is here to help! Downsizing, upsizing or even moving out of state, our vast relocation network is at your fingertips to help make the best move for you! #ShorewestRealtors #Moving #BabyBoomers