Retirees and those approaching the end of their working years will have a huge impact on the housing market over the next decade, according to a Merrill Lynch study. People older than 65 are expected to create five times as many new households from 2015 to 2025 than the next-largest generation, and they also have the power and wealth to influence housing trends. Almost a third of baby boomers and their elders are opting to buy larger homes in retirement rather than downsize. Also, many retirees are altering their homes as they age as an alternative to moving to institutionalized settings. Most of the 3,638 survey participants were primarily motivated in their housing choices by a desire to accommodate visiting family members, a preference that will likely impact the secondary and new-home markets. “How and where older adults choose to live will have widespread implications for the different ways homes might be designed, what resources will be needed, and how communities nationwide should prepare for an aging population,” the study concluded. | Read More