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Retirees are starting to upsize

The multi-gen home will be a very popular choice for many.  From cnbc.com – an excerpt:

Things have changed in the last few years, however, and a new trend has emerged. Rather than downsizing or right-sizing, retirees are starting to upsize. They are moving to bigger homes in their golden years.

According to a recent Merrill Lynch/Age Wave 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.

And they are doing it for all sorts of reasons — from finding a home that better suits them to buying a home with room for a live-in parent or visiting family members.

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.

Let’s take a look at the reasons behind this culture shift and the financial considerations that come into play if you intend to upsize your home.

Read full article here:

Link to CNBC Article

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