Are Boomers Looking For Bigger Retirement Houses In Las Vegas?

Las Vegas NV

16 April, 2021

5:30 AM

Description

The baby boomers are looking for bigger homes because they want to enjoy all the hard work put in at their retirement. They recognize that this is a time where money shouldn’t be wasted, but should instead live up to its name and serve as an investment or downpayment on another home while also spending some of it along the way. Could the pandemic have played a vital role in the retiree’s new perspective? It was common knowledge that before this pandemic, as people approach retirement age, they become more frugal in their lifestyle and finances. In choosing a retirement house, they preferred smaller, manageable spaces. They were aware of what it would cost in upkeep expenses for a large space or how high their taxes might be on such property. However, during the last few years, even before this pandemic, a new trend in choosing a retirement house has emerged. The baby boomers are now moving into bigger homes rather than downsizing. The possible reason for this trend is that many retirees may have wanted to leave their children with a big house that they can either sell if they need extra cash down the line. In a retirement study of more than 3,600 respondents conducted by Merrill Lynch and Age Wave, 49 percent of retirees did not downsize in their last home. Thirty percent ended up moving into larger homes. In a different study by Del Webb, those nearing the retirement age, those 50 to 60 years old, are looking for bigger homes. Forty-three percent of the population want to remain in their existing home or move to a new location with a comparable space. Why retirees want a bigger home? The adage of spending retirement funds on traveling the world is now a thing of the past. With quarantines and lockdowns making travel far more unpredictable, retirees are using their money to buy themselves that comfortable house they always wanted. During this pandemic, it was noted that 57 percent of homeowners made renovations, improvements, and projects. There is an increase in at-home spending. If you are looking for a bigger retirement house in Las Vegas, contact me so we can get started today! See Our Realtor Reviews Mike McNamara Group | Coldwell Banker Premier Realty | Las Vegas Realtor 8290 W Sahara Ave #100, Las Vegas, NV 89117 (702) 582-7690 https://mikemcnamaralasvegasre... Visit Our YouTube Channel: https://www.youtube.com/channe... Visit Our Facebook Page: https://www.facebook.com/MikeM...