Boomers plan to age in place

The next wave of retirees don’t plan to “stick to the script”

October 31, 2014
Boomers, Retiring, housing, homeownership, downsizing

A study by the non-profit Demand Institute found that 63 percent of Boomers plan to stay in their current homes after they retire, the Washington Post reports.

 

The survey found that much of the decision has to do with the recession. Federal Reserve data shows that the crisis put an end to years of rapid wealth accumulation, causing the typical Boomer household’s net worth to fall to $143,000 in 2013 from just over $200,000 in 2007. Out of the remaining 36 percent of Boomers who plan to move, 42 percent plan to buy a smaller home and 26 percent plan to buy a house of the same size. Only 32 percent plan to buy a bigger home.

 

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