There may be a number of reasons why the inventory of homes for sale is tight nationwide. One contributing factor might be that fewer retirees and other older homeowners are selling and moving to a sunny locale, or to an assisted living facility.
The Home Equity and Retirement Income Planning Survey found 83% of retirees, as well as Baby Boomers nearing retirement age, don’t want to relocate as they age.
The survey is designed to test seniors’ knowledge about factors that could affect them financially as they age. The fact that an overwhelming number want to stay where they are came up in discussions of “where will you go?”
The survey found that 88% of respondents had given it some thought. Those working with a financial adviser were more likely to have thought about it.
People who had thought about where they would live as they age performed better on the quiz than those who had not.
The desire to age in place increased significantly as people got older. The survey shows 67% of those age 62-74 strongly agreed compared to only 48% of those age 55-61.
There were a variety of opinions about how long they expected to remain in their homes. Twenty-one percent of respondents expected to spend 20 more years in their current residence. Forty-two percent expect to remain in their homes fewer than 10 years.
You can read the entire survey here.