Baby Boomers Plan to Upsize, Not Downsize, If They Move at All

A new study by The Demand Institute negates the long-held belief that a tidal wave of Baby Boomers will be swapping homeownership for renting, suburbs for cities, and yards and gardens for more maintenance-free living. Instead, researchers assert that most members of the post-World War II generation will age in place. According to the report, titled “Baby Boomers & Their Homes: On Their Own Terms,” the demographic will account for nearly one in every four dollars spent on housing in the next five years. Researchers polled more than 4,000 Boomer households, ages 50 to 69, revealing that few have plan to downsize or relocate to warmer climates far from their sons, daughters, and grandchildren. “During the financial crisis, Baby Boomers saw their wealth drop dramatically. While many have been forced to adapt their retirement and housing plans to new financial realities, they haven’t abandoned those plans entirely,” reports Louise Keely, president of The Demand Institute. “For the most part, they are still retiring in their mid-sixties and staying in their homes.” The next 10 years or so will see many Baby Boomers taking on home remodeling projects, which will increase the value of their residences. Nearly 40 percent polled said they are planning major home improvements in the next three years and could be tapping into 203k loans and other financing to do so. | Read More