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.