Within the next 3 years, 38 percent of baby boomers plan to buy a new home, and 11 percent will do so in a year, according to PulteGroup's new survey of 1,043 people aged 50 and 65 who plan to buy a home in the next decade.
This data showed that Florida is the most desirable retirement location for boomers, and being close to their children was a top consideration. 33 percent of respondents want to downsize, and 39 percent said the biggest reason for moving is wanting to retire, per Realtor.com.
"Retirement marks a new phase in a baby boomer’s life, and it only seems natural to relocate or move to a new home when transitioning away from their primary career, or from the day-to-day rearing of school-aged children," Jay Mason, vice president of market intelligence for PulteGroup, said in a statement. "It’s not surprising that the 55+ buyer wants a variety of options and choices in their homes."
Related Stories
Affordability
A Lack of Listings Is Driving Up Home Prices
Despite fast-rising mortgage rates, home prices continue to increase as hesitant home sellers retreat, limiting the supply of homes for sale
Housing Markets
These Western States Are Seeing Their First Annual Price Declines in Years
Home prices are still rising throughout most of the U.S., but seven Western markets are posting their largest declines in years
Remodeling
Why Experts Say the Remodeling Sector Will Remain Strong Long-Term
Remodeling is slowing as inflation makes home improvement projects more expensive. But as homeowners opt to stay put rather than sell, many are expected to invest in extensive upgrades in the years ahead