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Majority of Retirees Want to Remain in Their Current Homes as They Age

By: Kelly Leighton on in

Don’t count on retirees to add to the inventory in the housing market today.

A large majority of retirees in the 20th annual Transamerica retirement survey are not planning to move into a retirement community or downsize to an apartment or condo in Florida, they said.

Ninety percent of retirees want to remain in their own homes as they age, with 69% stating that it is “very important” to them to do so. Of the respondents, three-quarters of retirees are homeowners, 22% said they rent and 2% said they reside with others, such as family or friends. The majority (73%) of retirees live in a single-family house, while 19% live in a multi-unit facility, like a condo or apartment and 4% reside in a retirement community.

More than 60% of retirees have not moved homes since retiring, but there are commonalities between those who do choose to move after retiring. Within the 38% of respondents who said they moved after retiring, 32% opted to move closer to friends and family, 29% moved to lessen their expenses, 29% downsized and an equal 22% started a new chapter in life and/or relocated to a better climate.

Retirees surveyed said the top features they consider when thinking about their housing in retirement age is nearby family and friends (61%), affordable cost of living (55%) and access to the top healthcare and hospitals (46%). Fifty-three percent said they reside with a partner or spouse, 35% said they lived alone and 10% reside with their children.

Only 19% plan to move to an assisted living community or nursing home if their health suffers and they need daily help. Forty-one percent plan to have a partner or other family and friends help, especially if that means they can stay in their home.

Media named one of the best places in the U.S. to retire

“Retirement should be the opportunity to enjoy the fruits of one’s labor, right? Well, you won’t break the bank by living in Media,” said Mike Reyman, a Realtor®  with Berkshire Hathaway Home Services Fox & Roach Realtors®. “You can find something to fit your budget.”

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