Retirement Blog

Finance Blogs » Retirement Blog » Boomers want compact comfort

Boomers want compact comfort

By Jennie L. Phipps ·
Wednesday, March 26, 2014
Posted: 5 pm ET

When it comes to houses, retiring baby boomers aren't ready to settle. They might not want a big house, but they still want a home with plenty of bells and whistles -- and they don't want to share -- according to a couple of recent surveys. One survey comes from major developer Pulte Homes, which builds Del Webb's over-55 communities, and another comes from Better Homes and Gardens Real Estate.

Better Homes and Gardens asked baby boomers between the ages  of 49 and 67 if their retirement planning included moving to a different home, and 57 percent said yes. Of those, 39 percent said they preferred a rural community for their retirement residence. A traditional over-55 retirement community was the second choice, with 27 percent making that pick. Almost as many, 26 percent, said they wanted to live in or near a city. Only 8 percent picked lifestyle communities like those built around a golf course. Some 25 percent plan to own two  homes in retirement.

Pulte says 28 percent of people between the ages of 55 and 59 think the next time they buy a house, it will be much smaller than their current one and all on one floor. In 2013, the average price that boomer buyers paid Del Webb for their 2,200-square-foot "smaller" two-bedroom, two-bath, den and two-car-garage homes was $302,000, with buyer options and luxury upgrades representing 20 percent of the total. This isn't grandma's retirement home -- at least, not my grandma's.

Despite frequently published lists of great places to retire, most boomers don't plan to move very far. Of those who told Better Homes and Gardens they planned to move at all, some 72 percent said they don't expect to leave the state where they live now.

But that doesn't mean they want the kids living in the basement. About 83 percent said other generations of their family aren't welcome to move into their new, smaller, but plush, retirement palaces.

We read frequently about boomers who are worried about their ability to retire, but some clearly don't have those concerns.

Here are seven other things you might want to know about "the new retirement."

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
Sue Braun
April 07, 2014 at 8:45 pm

Mopangel-You are so right. I have managed condos and dealt with Boards for over 32 years. Believe me-the expenses just keep on going up and up. I have seen a few that have no amenities and they are a better bet. Much lower upkeep and monthly dues.

March 27, 2014 at 1:30 pm

I don't like condo living. Too many decisions that aren't mine left up to condo managers who don't care its your home. single living rancher home small with every thing easy is the best. Hard to find.