Baby boomers are keen to downsize and move closer to their grandchildren
Retirees aren’t interested in moving too far though.
Baby boomers are anticipating earlier retirement and most say they’re keen to downsize but want to have a multi-car garage, enjoy open-plan living and live closer to their grandchildren, according to the latest survey.
The Del Webb Baby Boomer Survey, sponsored by national home builder PulteGroup Inc, found that compared to five years ago, baby boomers are planning to leave work earlier; from 65 in 2013, down to 63.7 in 2017.
More than 1,000 adults between the ages of 50 and 65 participated in the Del Webb Baby Boomer Survey.
More than one third (38%) of respondents said they plan to purchase a home within the next three years, while about another one in ten (11%) are interested in buying within just one year, motivated by retirement.
Other motivations include enthusiasm to downsize their dwelling (33%) and ideas of a better location (30%).
Retirees aren’t overly interested in moving too far though. A little over one quarter (26%) want to remain in the same city they currently live in, while one third (34%) want to move to a new city within the same state.
The top states to retire in include Florida (28%), Arizona (11%), Carolinas (9%), Texas (7%) and California (5%).
The latest realtor.com rankings of the “hottest housing markets in America” reveals 11 of California’s popular metropolitan areas were listed within the top 20 best-performing markets for the month of September.
The top five leading features of these new homes retiring baby boomers plan to purchase include a multi-car garage with storage, open deck or patio, open floor plan, eat-in kitchen, and a small but private yard.
Just under one third (30%) of those surveyed said the primary consideration for moving was to be closer to their grandchildren. The other two most popular amenities were access to water and parks or green spaces.
“Having grandchildren nearby was a surprise, as previous Del Webb surveys have shown having grandchildren nearby in retirement wasn’t a priority,” PulteGroup vice president of market intelligence Jay Mason said.
“The desire to nurture the grandchildren-to-grandparent connection appears to be strengthening between baby boomers and the millennial generation, who also have a strong desire to be near aging parents.”
However, earlier this year in August a Trulia survey found the US housing market may be suffering as a result of the baby boomer generation staying in their current homes.
The buying process doesn’t stop once you’ve found your dream home. Securing the best loan is a crucial step.