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Cheaper, Smaller Homes Just Perfect For Most Baby Boomers

Baby boomers looking to move away to the sun or to be closer to their families during their retirement are searching for cheaper, smaller homes with easy access to medical care, according to a recent poll carried out by Associated Press in conjunction with LifeGoesStrong.com.

Baby Boomers looking for cheaper, smaller homes © omicron - Fotolia.com

The survey, which questioned 1,000 adults born between the years 1946 and 1964, showed that those who earned over $100,000 per annum were the likeliest to search for a new retirement home. Of the most important considerations when searching for a new home, 40% cited that the home should be smaller, while 39% required a property near to a hospital or a medical clinic.

A nice, warmer climate was also high on baby boomer’s lists, with 30% putting that down as one of their main requirements. In addition, 25% said that they were looking for somewhere more affordable than their current property, while 15% said they wanted somewhere closer to their family.

Altogether, about 10% of baby boomers mentioned that they would like to relocate to a new city that offered more in the way of retirement services. Meanwhile, only 8% said that they were looking for a larger property to live out their retirement years in.

The majority of baby boomers said that they do not plan on moving home after retirement however, citing the fall in house prices as one of the main reasons why. Many also said that their retirement savings plans and personal investments had lost value in recent years, and so they thought staying put was a more financially sensible idea.

But perhaps the most telling statistic, certainly as far as the state of the economy goes right now, is that only 9% of baby boomers thought that they would be comfortable financially during their retirement years.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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