Fueled by low interest rates and strong stock market returns, an increasing percentage of retirees are bucking a long-time trend and buying bigger homes in retirement, according to an op-ed from Andrew Rosen, CFP, president and partner at Diversified Lifelong Advisors.
Rosen referenced a recent Merrill Lynch and Age Wave retirement study of more than 3,600 respondents that found 49 percent of retirees didn’t downsize in their last move, and 30 percent actually ended up moving into larger homes. Respondents said they upsized to homes that better suited their needs or provided room for a live-in parent or visiting family members.
A separate Del Webb survey conducted among 50- to 60-year-olds found 22 percent are looking to move to bigger homes. The study also found that 43 percent 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,” says Rosen. Read the full article.