NEW YORK (3/24/15)--As the number of retirees swells with the influx of baby boomers, their approach to homeownership isn't locked down. In fact, according to a recent survey by Merrill Lynch, they are crossing the "freedom threshold," opening doors to homeownership of all types.
Over the next 10 years, the number of households age 65 and older will increase by roughly 11 million.
"How and where our nation's aging population chooses to live will have widespread implications on the way homes are designed, the resources people will need and how communities and businesses nationwide should prepare," said Andy Sieg, head of global wealth and retirement solutions for Merrill Lynch.
Sixty-five percent reported they currently are living in the best homes of their lives, and nearly 70% say they have the freedom to choose where they want to live.
The perception that retirees will downsize their homes didn't ring true with a third of respondents. That group has moved into larger homes to accommodate family visits or boomerang children.
Roughly 4.2 million retirees moved last year, citing reasons such as being closer to family (29%), reducing expenses (26%), or changes in health or marital status (17% and 12% respectively).