Baby Boomers seek smaller, affordable homes

A recent study shows that many baby boomers are seeking to stay in retirement due to an unstable economy. Furthermore, they prefer to reside in smaller houses in areas with better climate, more affordability and closer to family.

Baby boomers are becoming increasingly concerned about the finances of their families and their own retirement plans due to the nation’s economy. Less than 10 percent are confident that they would able to live comfortably when they retire.

About 60 percent of baby boomers claim that their personal investments, real estate and workplace retirement plans have lost value due to the economic decline. As a result, over 50 percent of these people are worried they will have to delay their retirement.

Many believe that they won’t be seeing a return on their houses. In fact, they view their houses as more of a problem than an asset. Over half of baby boomers say they will not be able to relocate for retirement. About 40 percent believe they will have to stay in their existing house throughout their retirement.

Those boomers whose income exceeds $100,000 a year are predicting that they will be able to buy a new home and relocate for their retirement. However among this group, over 90 percent are saying they will be buying houses which are much smaller than their current homes.

A large amount of baby boomers want to settle closer to their children and closer to proper medical care.

Over 70 percent over the baby boomers insist that they want to keep working during their retirement. This is the percent recorded in any generation.

Original Article:

6 years ago by in Green , headlines , Market News , Real Estate Trends | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.
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