Why Today’s Near-Retirees Decide to Make a House Change
For Today’s Near-Retirees, a Variety of Reasons to Move
Why Do Today’s Near-Retirees Decide to Make the Move?
It’s a life-altering milestone if ever there was one: the decision to move away from the family home. There have always been a variety of reasons why retirees and near-retirees choose to make the leap — with today’s head-spinning social changes certainly doing nothing to pare down that list. Deciding to change your Caldwell housing situation often boils down to an intended (or already proceeding) lifestyle change. Since these are the very definitions of “personal” reasons, you might assume that since everyone’s situation differs, their motivations are all over the map — making them all but unclassifiable.
True enough — but it turns out that some generalizations are possible (and useful, if you are uncertain whether your own upcoming decision is an eccentric one).
The hard information can be found in a singular statistical exhibit in this spring’s NAR® study, 2021 Home Buyers and Sellers Generational Trends. The exhibit is entitled “Primary Reason for Selling Previous Home” — one that should be more than relevant to the quickly expanding cohort of Baby Boomer retirees. The results reveal the respondent sellers’ motivations broken down by age. Here’s how the reasons for making a move is described by respondents between 56–74 years of age:
49% to be closer to friends or family
28% to move to a smaller home
26% due to retirement [okay-that’s not very enlightening!]
15% move from a neighborhood that has become less desirable
14% move to a larger home
11% move for maintenance reasons (health or financial)
8% because of job relocation
5% move closer to current job
4% other financial reasons
23% other reasons
Those results reinforce the common perception that as we near retirement, it’s often the case that anticipated financial and housing adjustments will dictate a change. But most of all, family and personal relationships wind up at the top of the list. When it comes to reordering your own real estate milestones, whether or not it means a move from your own current Caldwell housing solution, I hope you’ll tap me as your Number One go-to resource!
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