Last year, Property Shark we successfully surveyed Gen Xers, Millennials and Gen Zers about their housing preferences. This time, Property Shark thought it would put their older peers into the spotlight. While major changes occur naturally in the real estate industry with the dawn of each new generation, another massive transition is gradually coming into being thanks to Baby Boomers.
In order to better understand older adults’ view of housing, retirement and personal finance, researchers conducted a generational survey on their preferences.
Findings show Arizona is the No. 2 most popular destination for older adults who plan to relocate out of state, outranked only by Florida.
Main highlights:
• Aging in place outstrips any other housing plan: 56% of all respondents (aged 45 and older) say they’d like to remain in their current home for their senior years.
• When it comes to savings, 3 out of 5 have less than $100K put aside, while only 4% have over $1M in their retirement fund.
• Almost 30% of all respondents had difficulties in paying their housing costs in the past year.
• Close to 1 in 3 adults aged 45 and over do not plan on ever fully retiring.
• Suburbia is the ideal retirement environment for 45% of all respondents, with rural living being a close second, at 30%.
Here’s a link to the full study, accompanied by our eye-grabbing visuals: https://www.propertyshark.com/Real-Estate-Reports/2019/08/22/housing-americas-older-adults-florida-traveling-roommates/
