Contrary to popular opinion, most baby boomers aren't looking to downsize

The common perception that retirees are thinking of downsizing and moving to urban areas might be a myth. Instead, most baby boomers actually have similar ideas to millennials and Generation Xers, a new study has found.

The survey by Del Webb, a builder of active-adult communities owned by the Atlanta-based PulteGroup, found that most homeowners aged 49 to 61 are actually looking for a home with the same characteristics as Gen Xers. In fact, both groups said they’re looking to move to a home that’s the same size as, or larger than, their current home. Ideally it would come with three bedrooms, and in the case of Gen Xers, would also be able to accommodate their aging parents, respondents said.

In addition, around 87 percent of Gen Xers and baby boomers said they don’t intend to setup in urban areas, but would rather live in a suburban or rural areas where they can enjoy more tranquility.

“Data from our most recent survey clearly indicates that true urban living appeals to only a limited number of future retirees,” says Jay Mason, vice president of market intelligence for PulteGroup. “Both Gen Xers and baby boomers nearing retirement are looking for a different quality of life when considering their next move.”

While the majority of respondents said they’d prefer a home with an open floor plan, some Gen Xers and Baby boomers share a change in mindset. Around 34% of the respondents said they’d seek a more defined space for better balance, with a dedicated dining room for example.