About 60 percent of home owners age 55 or older say they would prefer to age in place if they had complete control over their living arrangements. That said, nearly 40 percent indicate they would prefer to move at least one more time.
That means nearly 27 million home owners may move again, according to the Freddie Mac 55+ Survey. Of those baby boomers who expect to move, 13 percent say they will likely move within four years.
“The decisions the nation’s baby boomers and other older home owners make will have an enormous impact on the demand for housing and new mortgage credit for the foreseeable future,” says Dave Lowman, executive vice president of Single-Family Business at Freddie Mac. “Whether they buy new homes or decide to refinance and renovate their current ones, the size of this generation and the fact that they hold close to two-thirds, approximately $8 trillion, of the nation’s home equity makes it very important that we watch what they do.”
Twelve percent of those baby boomers who would consider moving say they expect their next home to be more expensive than their current one. The survey showed that thirty-seven percent believe their next home purchase will be in the same price range as their current home, and half say that it will be less expensive.
Here are some additional findings from the survey:
- 76% of baby boomers surveyed say they are confident they will be financially comfortable in retirement.
- 59% of home owners say they are “very satisfied” with their communities, 64 percent with their current home, and 54 percent with their quality of life.
- Nearly 25 percent of the respondents say they have already helped someone financially with a down payment for a home.
- The top factors influencing whether to move and where to live: affordability of living in a particular community (46%); having the amenities needed to live there for many years after I retire (44%); less maintenance (41%); having a place where I was no longer responsible for caring for the property (e.g. yard work, snow removal) (30%); proximity to other family members (31%); being in a walkable community (28%); having abundant services for adults my age (25%); access to public transportation (17%); warmer climate (19%); having a place that is smaller than my current home (e.g. downsizing) (19%).
Source: Freddie Mac