Study: More boomers are choosing to upsize home in retirement
According to a recent Merrill Lynch and Age Wave retirement study of more than 3,600 respondents, 49% of retirees didn’t downsize in their last move, and 30% actually ended up moving into larger homes.
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According to a recent Del Webb survey conducted among 50- to 60-year-olds, 22% are looking to move to bigger homes. The study also found that 43% want to remain in their existing home or move to a new location with comparable space.
This change marks the first time such a significant majority of retirees have gone against real estate norms.
They attribute it to lower interest rates, strength of stock market, limitations on travel due to pandemic, and, maybe most depressingly:
A recent study found that 19% of retirees directly say they desire a more prestigious home as a significant motivating factor for upsizing.
Once you're retired, who cares about prestige next to financial security, comfort, etc.