For years, we assumed that retirees would eventually downsize.
However, a recent Wall Street Journal article points to a growing trend: Many affluent Baby Boomers are actually purchasing larger homes.
Why? They want room for: visiting children and grandchildren, the space to entertain, and homes that allow them to age comfortably. That means first-floor living and a larger footprint than their earlier homes.
One example: An 81-year-old couple sold their New Jersey home and a smaller Cape vacation home to purchase a nearly $2 million, 4,000-square-foot home in Falmouth—larger than the home they left behind. And now they live where family “wants to come to.”
Accessory Dwelling Units (ADUs) have typically been built by adult children who want a place on their properties for their aging parents. In an about face, affluent retirees are building ADUs for their children. The Journal story cites a retired couple who converted a backyard office into an ADU for their kids.
This upsizing retirement trend, however, may be reserved for the aging well-off. We may find that other baby boomers prefer to downsize or “same-size”, or stay in their existing homes. For this latter demographic, we site the increase in the installation of residential elevators.