Marshall Realty 7.27.16 Baby Boomers are on the Move - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Baby Boomers are on the Move

Marshall Realty 7.27.16 Baby Boomers are on the Move

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Marshall Realty 7.27.16 Marshall Realty 7.27.16

According to a Merrill Lynch study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%.

A recent Freddie Mac study found similar results, as “nearly 20 percent of Boomers said they would move closer to their grandchildren/children compared to 13 percent who said they would move to a warmer climate.”

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with fewer children at home, they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home. Some choose to buy a home in desirable destinations like real estate in Lake Tahoe with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them. According to Merrill Lynch:

"Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations."

The Bottom Line

There are many reasons you may want to buy a Reno home or sell your house. If your housing needs have changed, or are about to change, contact Marshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.

Content Courtesy: Keeping Current Matters and Marshall Realty

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