Here’s the interesting excerpt from this article – the other alternatives that older adults might consider:
The AARP survey finds many seniors planing staying in their current homes or move from single-family to a luxury condo.
When it comes to selling their longtime homes to downsize, possibly move into that dream home they’ve worked for so long and so deserve, boomers aren’t living up to many expectations.
Here’s Alexandra Lee, Housing Data Analyst for Trulia’s Housing Economics Research Team, on the topic.
Baby boomers are staying in place longer because the life events that might cause them to downsize are being delayed. Seniors in recent years have adopted significantly different lifestyles than seniors even a decade ago. For one, they’re working longer. The proportion of household heads 65 and over who are still in the labor force rose to 19.3% in 2016 from 15.9% in 2005. What’s more, the kids are moving out later. Senior households living alone represented 83.4% in 2016, ticking down from 85.2% in 2005. In 2016, 16.1% of senior households had younger generations living with them, up from 14.4% in 2005. These factors mean senior households aren’t considering downsized housing options until later in life.