More than one-third of baby boomers would consider buying a home within the next three years, according to the latest Del Web Baby Boomer Survey. Eleven percent want to purchase in the next year.
Why are so many boomers moving? One reason is that they are retiring earlier. The average age of retirement dropped to 63.7 this year, down from 65 in 2013. And when they are moving, cost of living is the top factor for baby boomers. Thirty-four percent plan to remain in state, but relocate to a new city, while 26 percent prefer to remain in the same city. Thirty-nine percent attribute their homebuying to retirement, while 33 percent said they want to downsize. Thirty percent reported they want to move to a better location.
But family may top that. Thirty percent want to be near their grandchildren, while 24 percent prefer to be near water, such as a lake, river or ocean, and 20 percent want to be near green space, such as a park.
Baby boomers have a strong preference for a few features while they are searching for a new home. A multi-car garage with storage, an open deck or patio, an open floor plan, an eat-in kitchen and a small, private yard are the top five desires.
“Retirement marks a new phase in a baby boomer’s life, and it only seems natural to relocate or move to a new home when transitioning away from their primary career, or from the day-to-day rearing of school aged children,” said Jay Mason, vice president of market intelligence for PulteGroup. “Whether they are selling the homes where they raised their children and heading to sunnier pastures, or staying near their hometown, it’s not surprising that the 55+ buyer wants a variety of options and choices in their homes.”