Upsizing: How Real Estate Experts Got Baby Boomers Completely Wrong
We’ve all been told that suburban homeowners will downsize when their children leave for college.
This is no longer the case. Today’s empty nesters are not looking for a small, maintenance-free condo to spend their golden years.
They are moving to larger, more expensive homes in areas that satisfy their hunger for excitement and an active lifestyle.
Upsizing is the New Downsizing
A week ago, the?Wall Street Journal?wrote about empty nesters who traded their suburban homes for much larger residences.
A report by the National Association of Realtors confirms this trend – 35% of home buyers 65 or older purchased homes larger than 3,000 sqft in 2020. That’s up from only 23% in 2017.
Baby boomers have more money than their millennial children, and they are not afraid to spend it. They also have a lot of life ahead of them.
Many empty nesters move to resort towns?on the beach or in the mountains to enjoy an active lifestyle. Some even buy two homes to take advantage of both.
Owning a large “retirement” home with guest bedrooms has the additional benefit of tempting their children to visit with the grandkids more often.
City Life Instead of Retirement Communities
The demand for luxury condos in the centers of major American cities has never been higher.
As older adults look for more excitement they move from quiet, suburban neighborhoods?to the big city. Here they can rub elbows with a younger crowd in hip cocktail bars and chic restaurants.
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City live has many benefits for adventurous empty nesters: you don’t need a car, you can walk to most amenities, attend concerts and visit museums, and if you want to travel an airport is usually close by.
Where Are People Moving To?
If you want to find out where people are moving to, take a look at the?45th Annual National Movers Study by United Van Lines.?
On their interactive map you can see inbound and outbound moves for each state. The charts also show the primary reason for moving, as well as age and income ranges.
Central Ohio Has a Lot to Offer for Active Adults
Columbus offers a variety of options for empty nesters who want to stay in Central Ohio.
If you enjoy city live you can buy a condo in a popular entertainment district like the Short North or?Bridge Park in Dublin.
If you prefer a larger home you may want to build or buy at the edge of the City in a master planned development, such a?Jerome Village?in Dublin or?Evans Farm?in Lewis Center.
Now’s the perfect time to sell your current home?for top dollar and upsize into your dream “retirement” residence.
Whether you stay in Central Ohio or move anywhere in the US, I’ve got you covered!?I know RE/MAX agents?anywhere in the World.