It has been anticipated that perhaps we might see a wave of homes flood onto the market in the next decade or two with many seniors looking to sell and downsize as they move into later retirement, or pass on homes to their family members.
However, not everyone is so eager to make that transition.
Many more elderly individuals today are choosing to age in place, they want to stay right where they are.
It might be the community they are a part of, the cost they are familiar with and control over their lives with the freedom of home ownership.
Some might be worried about fluctuating costs in retirement homes, safety in those retirement homes, or varying costs that might come with downsizing too such as HOA fees and more.
Some reports have already suggested that this might cause a supply issue and not be good for young families who are looking in the market for a bigger home to meet their needs.
Why age in place?
- emotional attachment to the home
- fear of change and moving somewhere new
- financial worries
- lack of something suitable to trade the home in for
- maintaining independence
These are some of the more common reasons cited when it comes to asking why some might prefer right now to age right where they are in a home that might be completely paid off. If this is where someone has already spent decades living then it's understandable that they'd feel most comfortable here and want to try and stay living there as long as possible, rather than being forced into an unfamiliar setting that might come with a variety of risks.
pics:
pixabay
Sources:
https://www.cnn.com/2024/01/16/economy/boomers-own-more-larger-homes-than-millennial-families/index.html
https://finance.yahoo.com/news/baby-boomers-aren-t-going-160351647.html
https://www.kjzz.org/kjzz-news/2024-08-26/baby-boomers-arent-downsizing-and-its-straining-the-housing-market
The last quarter century of housing bubbles have pushed McMansions and family homes at the expense of smaller houses suitable for starting a family or retirees settling down. This has been a problem discussed in the architecture community and real estate world for a while now. Most small houses that are available today are also older structures with outdated (and potentially dangerous) wiring, poor accessibility for wheelchairs/walkers, and other hurdles.
Downsize means you have to declutter first and that's probably another hurdle to have to cross first.