More Boomer Retirees Want to Upsize

Moving to a smaller home may still be the norm for many retiring Americans, but a study by Merrill Lynch found that upsizing for retirement is trending upward.

The study found that 30 percent of surveyed older homeowners want to buy bigger homes, and attribute the reason to a rebounding economy, the desire for more room to entertain guests and family, and the preference for more space in general. Merrill Lynch financial adviser Christina Boyd said that the typical retired baby boomer is “between 60 and 75 years old, financially secure, and in good health. But they’re still cost-conscious: 26 percent of those anticipating a move want to reduce their home expenses.”

Boyd forescasts that most of the upsizers will want to move to a place where there is a lower price per square foot.

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