Though conventional wisdom says homeowners will downsize when retiring, 49 percent of today’s retirees aren’t moving to a smaller home – and 30 percent of them are moving to a bigger one.
These numbers come from a recent survey conducted by Merrill Lynch. It studied 6,000 people, 39 percent of whom had investable assets of $250,000 or more.
According to The Huffington Post, the survey suggests upsizing is “to make room for adult children who didn’t fare so well during the recent recession, in line with the trend noticed late last year that multigenerational homes are building up market share."
Managing Director and Senior Financial Advisor with Merrill Lynch Christian Boyd knows many in this situation. “One of her clients recently moved into a home equally as large as their previous home, but it had a different configuration. That was to allow their daughter, son-in-law, and three grandchildren to live with them,” The Huffington Post reports.
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