The Death of the Downsize: Homeowners Buying Bigger in Retirement

A new Merrill Lynch study shows that more retirees are now downsizing in their golden years. In fact, 65 percent of respondents said they are currently living in the best home of their lives. The research, done in collaboration with Age Wave, explores such topics as shifting family dynamics and new retirement realities. It found that 64 percent of today’s retirees are likely to move at least once during retirement, with 37 percent having already pulled up stakes and another 27 percent expecting to do so in the near future. Arguably the most intriguing finding, however, was the fact that a surprisingly large number of senior homeowners are opting for bigger residences instead of the smaller, downsized quarters popular in previous decades. Nearly half of all retirees polled did not downsize with their last move. In fact, 30 percent actually moved into larger houses. Reasons for upsizing ranged from wanting enough space to accommodate visiting relatives to the need for at least one “boomerang” son or daughter to actually live with them in an eventual care-taking situation. | Read More