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Baby Boomers and Their Homes

37% of Baby Boomers plan to move to a new home once they retire.

Baby Boomers will continue to have a significant impact on the economy and housing market over the next five years. But don’t expect this generation to stick to the script when it comes to retirement and housing decisions.

Nearly half of the movers said they wanted to get a bigger place — and that they intended to spend more money on it. In fact, the report found that many of those who were looking to “upsize” were also looking to switch from renting to owning.

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Those who said they plan to move into a smaller home were much more affluent, with a median net worth of $322,000, the Demand Institute found.

You might not know this but at EDGEhomes we have more Floorplans that are Ramblers than any other builder in the state.

Whatever the size of the home, Boomers seemed generally unconcerned about whether or not it would be “aging-friendly”.

More than 17% of the 76 million Boomers are already retired and about 10,000 will reach the traditional retirement age of 65 every day for the next 15 years. And even though many Boomers plan to stay in their current homes, the Demand Institute estimates that this generation will purchase about $1.9 trillion in homes over the next five years.  “Their choices will have a real impact on the housing sector in the next several years,” said Burbank.