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November 1, 2014

Baby Boomers Seek Smaller, Affordable Homes

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Baby Boomers Seek Smaller, Affordable Homes

Baby boomers who plan to move for retirement are looking for smaller, affordable homes that are easily accessible to medical care and near their family, finds a new poll of more than 1,000 adults born between 1946 and 1964 conducted by Associated Press-LifeGoesStrong.com. 

Baby boomers who make more than $100,000 a year are the most likely to say they plan to buy a new home during retirement. For boomers who plan to purchase a new home, the most important factors cited in a home for retirement included: 

  • Smaller home (40%)
  • Near medical offices or hospitals (39%)
  • Different climate--perhaps warmer (30%)
  • More affordable home (25%)
  • Being closer to family (15%)

About 10 percent of baby boomers said they will search for a new city to relocate to that offers more services for them in retirement. Only 8 percent of baby boomers surveyed say they want a larger home for retirement, the poll finds. 

However, more baby boomers say they don’t have any plans to move after they retire, mostly due to a drop in their home values as well as a drop in their personal investments and retirement plans the last few years, the poll finds. About 53 percent of baby boomers polled say they plan to delay retirement until they recoup some of their investment losses. In the poll, only 9 percent of the baby boomers expect they’ll be able to live comfortably in retirement. 

Source: “Many Boomers in Poll say They Won't Move for Retirement; Those who will Seek Affordability,” The Associated Press (Oct. 26, 2011)

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