Did you know that most baby boomers are choosing not to move out of their homes? In order to help you understand why we found this article from CNN. We hope you find it as informative as we did!
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From the article:
Instead of flocking to sunny beach havens or downsizing to a condo in the city during their retirement years, a majority of Baby Boomers say they’re just going to stay put in their old home.
In a survey of 4,000 Baby Boomer households conducted by the non-profit Demand Institute, 63% of Boomers plan to stay in their current home once they retire.
Much of that has to do with the recession. The financial crisis put an end to years of rapid wealth accumulation, causing the typical Boomer household’s net worth to fall to $143,000 in 2013 from just over $200,000 in 2007, according to Federal Reserve data.
Not only that, but this generation is also carrying a lot more mortgage debt. The survey found that the median outstanding mortgage balance for 50- to 69-year-olds was $118,000 in 2013, up from $48,743 in 1992.
“Boomers’ nest eggs have shrunk dramatically in recent years,” said Jeremy Burbank, vice president at The Demand Institute, the non-profit think tank run by the Conference Board and Nielsen. “Financially, this generation is not necessarily ready for retirement, and half of their assets are tied up in their homes.”
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Read the entire article here: http://money.cnn.com/2014/10/30/real_estate/baby-boomers-homes/index.html