Older buyers downsizing, but just a bit
Here’s how the housing cycle is supposed to work: Young singles or married couples purchase a small, starter home, one that may need significant work. After five to seven years, the owners move up into a nicer home in a nicer location. Eventually, after the owners’ children grow older and move out, they downsize, purchasing a smaller single-family home or a condominium.
It still largely works this way. But, according to a study by the National Association of Home Builders, the final portion of this cycle is beginning to change. Specifically, a growing number of older buyers are barely downsizing at all when they purchase their final residences.
The report found that homes in age-restricted homes were only slightly smaller than other homes purchased by 55-and-older buyers in both square footage and total number of rooms. You can read about the report here.
What’s happened? Homes in general have gotten far larger over the years. Maybe if you’ve lived in a large home for most of your life, the thought of downsizing to a smaller residence just isn’t attractive.
Tags: age-restricted communities, empty nester, national-association-of-home-builders, RetirementRelated Stories
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