Contrary to popular wisdom, Baby Boomers are not significantly downsizing their homes for retirement, according to a new report.
Federal lender Fannie Mae recently released a study showing that the proportion of Baby Boomers living in single-family residences has stayed relatively flat since the onset of the recession. The findings were addressed during last week’s National Association of Real Estate Editors conference in Houston.
Baby Boomers “got used to large homes with amenities and aren’t ready to give that up,” Metrostudy chief economist Brad Hunter said during the conference, as cited by the Palm Beach Post. “They have a fair amount of equity in their homes and can leverage it.”
This is a positive trend for certain developers in South Florida, including GL Homes. The builder’s 55-plus Valencia Cove community in Boynton Beach offers three floor plans with more than 3,000 square feet. That is much larger than the traditional retirement condo. [Palm Beach Post] — Eric Kalis