Dive Brief:
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A new report by The Demand Institute, a nonprofit operated by The Conference Board and Nielsen, debunks some common perceptions about the plans Baby Boomers have for where they will live during their golden years.
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The study of 4,000 Boomers, released Friday, reports few 50- to 69-year-olds intend to downsize their homes, move to warmer climates, return to city living, or trade their family houses for apartments.
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On the contrary, the report says most in that group will age in place and eschew ready-made retirement communities. Some will move to larger homes, and many will renovate their existing dwellings into their “dream home[s].” In fact, the study says, nearly 40% of Boomers plan to do major home improvements in the next three years.
Dive Insight:
The housing choices of Baby Boomers will have “real impact” on the market in the coming years, Jeremy Burbank, The Demand Institute’s vice president, said. Their priority, the report said, is “strong family relationships,” which would keep them from moving far from home—even if they didn’t have more of their assets tied up in their houses than previous generations did at their age.