According to a recent survey from Better Homes and Gardens, 57% of boomers say they plan to move out of their current home, and 70% say the house in which they retire will be their best.
“Boomers are focused on having a fulfilling, fun lifestyle and community comes first,” says Sherry Chris, BHGRE president and CEO. Whether it’s living in a smaller, rural or farm community (39% of respondents) a traditional 55+ retirement community (27%), or an urban community (26%), boomers are seeking a more-active lifestyle in their golden years.
The decisions boomers make about a retirement house can mean the difference between having sufficient cash flow, a retirement imperative, or falling short, says Roger Roemmich, a senior investment consultant and author of “Don’t Eat Dog Food When You’re Old!”
The home is a linchpin in everyone’s retirement plan, he explains whether boomers choose to downsize and bring in several hundred dollars more a month, or leverage the home to increase cash flow through a credit line or reverse mortgage.
But these living decisions have to be made sooner rather than later, he says, about five years out of retirement. At that point, boomers tend to become more realistic about their options and start thinking, “’If we didn’t live in such a big house, we’d be in better shape.’”
Recently, boomers have been trading in their McMansions for smaller standalone homes or stylish lofts and condos in towns with great outdoor recreational opportunities, part-time job opportunities or urban areas with access to culture, entertainment and eating amenities, Chris says.
They’re also willing to step outside their comfort zones. Years ago, retirees tended to gravitate toward communities in which they’d rub elbows with their same-aged peers, but Chris says today’s boomers want to be with people of all generations.
While the number of boomers looking for a new home in retirement is rising, the majority still want to stay close to where they currently live. In fact, 72% of respondents say they plan to retire in the state where they’ve put down roots. However, money talks: 69% of boomers say they would be willing to move to another part of the country where living is more affordable.
Some states, chiefly in the Sunbelt, are very retiree-friendly, explains Roemmich, particularly on income and property taxes. “The more temperate the climate, the easier it is to make due.”
Source: Fox News