As home prices recover, baby boomers say they are more likely now than in the past five years to sell their homes and move in retirement, and many plan to move in retirement anyway, according to a Better Homes and Gardens survey of the 49 to 67 population.
The findings are somewhat contrary to often quoted research from AARP indicating the majority of Americans wish to age in place, as the results show 57% of baby boomers plan to move out of their current homes.
While the respondents, 1,000 Americans aged 49 to 67, said they wish not to be restrained by planned retirement communities, more than a quarter, or 27% said they would most likely move to a traditional retirement community such as a 55+ exclusive neighborhood.
“With approximately 77 million Boomers in the U.S., it’s quite significant for our industry to see that this population has so much positive anticipation for the home in which they will be retiring—and for the majority, their aspirations involve making a move,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “Baby Boomers are known for being a hardworking, trailblazing generation. As they have done with every other major life event, they are marching head-on into retirement with big plans and no desire to change pace. Our study shows that Boomers continue to surprise with nuances of what they care about and what they are prioritizing.”
The survey also found baby boomers are much more likely to sell their homes today in light of a rising real estate environment, with 31% more reporting they are more likely to want to sell their home now than they were five years ago.
They are also largely more confident about achieving their ideal retirement lifestyle, Better Homes & Gardens Reports, the top factor for which is haven a retirement lifestyle plan.
“This mindset shows us that, for Boomers getting ready to retire, there’s more to it than solely saving money in the bank,” said Chris. “To have the utmost confidence in their retirement plan, this generation is actively planning a comprehensive lifestyle plan, taking into account the type of home and community they want to live in, as well as the option of continuing to work or taking advantage of travel and entertainment opportunities.”
Additional findings of the survey showed 46% of baby boomers plan to work part time in retirement, 42% said low maintenance home features topped the list of considerations for their next move, and 72% say they wish to retire in the same state in which they live currently.
Written by Elizabeth Ecker