Key Points:
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Seniors Prefer Aging in their Own Homes
– The majority of older adults express a desire to remain in their own homes as they age, squashing the notion of a mass migration to retirement communities.
– Many are exploring options such as universal design renovations to make homes safer and more functional for the long term.
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No Mass Exodus to “Downsize”
– Despite industry talk about a wave of downsizing, only 5.5% of homeowners aged 55 and older moved to homes with fewer rooms between 2012 and 2017.
– Many seniors are opting to maintain larger homes, often to accommodate multigenerational living arrangements.
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Retirement Costs More Than Expected
– Housing costs are a significant factor in retirement expenses, with many seniors underestimating how much they will need in their golden years.
– Medical costs are also a significant unknown, with unpredictable events potentially making an enormous dent in savings.
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“Silver Tsunami” More Like a Wave in a Bathtub
– Real estate experts predicting a mass migration of boomers to retiree-specific housing are being proven wrong.
– Many boomers are putting their foot down and shouting “Hey, we’re not moving! We like our shag carpet and orange wallpaper!”
In a world where everyone is seemingly obsessed with forecasting the “Silver Tsunami,” our boomer buddies are deciding they’re very much okay with ruffling up the status quo. “Downsize? No thanks, we’re good,” they confidently declare, sipping their morning coffee on their familiar porch. And why wouldn’t they? Who wants to abandon a home that’s been a silent companion to their entire “Friends” DVD series marathon? It’s not that they’re opposed to change or anything, it’s just that they’ve had their fair share of it and would now like things to be stable and cozy, thank you very much.
And don’t even get them started on the cost of retirement. Everyone thinks it’s all early bird specials and senior discounts, but between home expenses and medical bills, boomers might as well be funding their own private island. It’s like playing a game of Monopoly, with every roll of the dice leading to an unforeseen expense. “A hotel on Park Place? Yikes! I can’t afford that, I have arthritis!” They clearly didn’t see this wave of expenses crashing into their golden sands.
So, moral of the story? The only “Silver Tsunami” we might have on our hands is the influx of silver-haired folks actively choosing to age gracefully in place, and maybe the rising costs of retirement that are making more than a few waves. So, to all the pomp and circumstance around this myth of a mass exodus – the boomers say, “Take it elsewhere, we’re staying put.” And let’s be honest, those of us tailing behind the boomers might just follow suit. Hell hath no fury like a boomer attached to their four-bedroom, two-bathroom suburban nest!
Original article: https://www.inman.com/2024/01/19/what-experts-have-right-and-wrong-about-the-silver-tsunami/
