Need a new stat to throw out about why the reverse mortgage mortgage industry will continue to grow? A new survey published by AARP found that only one in four baby boomers expects to move from their current home in the future, with the majority of this group looking for a single level home that is more comfortable or convenient. The survey was conducted by Opinion Research Corporation for AARP and was released to coincide with the announcement of the 2008 Livable Communities Awards from AARP and the National Association of Home Builders (NAHB).
Echoing past surveys, most boomers (79%) say they would like to stay in their current home for as long as possible. Some – less than 10% — said they would like to stay in their current home but don’t think they will be able to do so. Below is a list of other findings from the poll:
- Older boomers are significantly more likely than younger boomers to think that they will move into a single level home (68% vs. 54% of those planning to move).
- Boomer men are more likely than women to believe they will move into a newer home (61% vs. 42%) or move into a home in a warmer or better climate (41% vs. 25%)
- Boomer women are more likely than men to think they will move into a smaller home (54% v. 41%).
“While boomers will reflect the patterns of earlier generations and mostly age in place,” said Elinor Ginzler, Senior Vice President of AARP, “the sheer number of boomers will increase demand for a whole variety of home and community options. The 2008 Livable Communities Award winners offer some great examples of appealing, user-friendly design.” The number of persons age 65 and older is expected grow to 70 million by 2030.
One In Four Boomers Plan Move, New Survey Reports