Home Economy Many choose an age boom in place and do not move

Many choose an age boom in place and do not move

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He was always a final chapter of the American dream: Marriage and having children. Buy a house. Go to more house. Downsize to a smaller one.

But increasing numbers of children are growing older saying, “No, thanks,” to downsizing, and they choose to stay in the same stratified houses where they raised children and created life memories.

“We don't see that much less,” says Alexandra Lee, a housing data analyst at Trulia, a real estate research company.

Although many Americans are still falling down to smaller houses, they are doing later in life. The trend is increasing the shortage of housing supply across much of the country.

A more modest house is usually less maintenance and possible financial prospects as a large proportion of the proceeds of the sale of the larger properties can help to reinforce retired nesting eggs.

Boomers are, however, in violation of traditional age-related requirements as they succeeded against the establishment of values ​​in the eighties and workplaces and families in the 1970s in favor of self-compliance.

“They refused to follow the traditional expectations,” says Barbara Risman, professor of sociology at the University of Illinois at Chicago.

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There are other forces at work. Boomers, usually those between 54 and 73 years of age, are working longer and stopping retirement. Many of their infant children live with them well when they are adults. And there is a large shortage of entry-level homes cheaper all over the country, pushing up prices in that category and making the trade less attractive.

Fifty-two percent of the boomers say they will never move from their current home, according to a Chase bank survey of 753 boomer homeowners released earlier this year. Chase has no comparable data from an earlier period. The TODAY Ipsos / USA poll of 45 to 65 year olds in 2017 found that 43% expected to remain in their current residence by retirement, and may show that the share of non-reduction is rising.

Jeff and Shelly Levy plan to stay in a four-bedroom house with 3,900 sq. Ft. In the Memorial part of Houston. (Photo: Scott Dalton, USA) t

Many retirements remain in their homes and long-term communities as they retire. Approximately 20% of Americans aged 65 and over are working or looking for jobs, up from 12.1% per cent in 1996, Department of Labor figures show. Older people are staying in the labor force because they are healthier and will need more nest eggs to fund longer retirement, according to Jennifer Schramm, senior strategic policy advisor for AARP Public Policy Institute. Also, many years ago were put into many retirement savings for older workers.

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Jeff Levy, 58, is an insurance broker who lives in a four-bedroom house, which has 3,900 sq. Ft., In the upscale Memorial part of Houston, making work in his 70s. “Our house is less than a mile from my office,” he says. “Reducing the house and moving further from the office is not attractive.” T

Levy's wife, Shelly, 55, would not be thinking of making a big rise that offers more security and “turnkey” services at some point. “What do we do with this big space?” She says. But Shelly, a legal assistant, adds that they would prefer to stay in a Commemoration and that the few condominiums that existed were similar to their house.

The Levys also want the house to be available for visits by both adult children and, as a result, grandchildren.

“I look forward to the day our children have children, and come to our house and play in their parents' room,” says Jeff.

Jeff Levy's wife, Shelly, 55, would not think of a big rise to do which offers more security and “turnkey” services at some point. “What do we do with this big space?” She says. But Shelly, a legal assistant, adds that they would prefer to stay in a Commemoration and that the few condominiums that existed were similar to their house. (Photo: Scott Dalton, USA) t

Staying active

The tendency to age is also rooted in the better health of the booming people and the desire to stay active.

“Baby boys don't want to be old in a way that has negative circumstances,” says Risman. “The old house still remains part of the longest life.”

Even when they retire, boomers say working through volunteering and other activities, says Phyllis Moen, a sociologist at the University of Minnesota.

“They are in the space that is opening for the first time in history between the career and family building years and the conflicts of old age,” said Moen.

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Boomers' role is likely to play a role in long-term housing in low housing supply, says Danielle Hale, chief realtor.com economist. The crunch has improved since last year but the housing stock remains much lower than normal levels.

To be sure, many Americans are moving to traditional retirement fathers such as Florida and Arizona. But even among those intending to move, 43% want their next house to be the same, and 22% want it to be bigger, according to a January survey of people t 50 and 60 years of age at Del Webb, which takes communities in the age of 55 and more Americans.

Trulia analysts believe that older Americans are softening size. In 2005 and 2016, 5.5% of households moved 65 and over, with this split evenly between those moving into single-family houses and multimodal houses, according to a Triage's analysis of Census Bureau data. However, in 2016, the youngest age of older people moving to multi-functional homes began more than those moving to older single family homes (in the late 70s) than in 2005 (early in the year). 70s).

Reduce, but not yet

Jim Peet, 70, of Plymouth, Minn., Can seriously consider making his 3,300-foot-square house sell but not until he is 80 years old. to reduce maintenance hassles, but found that a condo in the middle of Minneapolis would cost more than their house. They also shoped for a similar house in Tallahassee, Florida, but received support after they realized they didn't want to be from their family.

Indeed, their children and grandchildren create consistent activity in their home. “It's so comfortable to entertain people,” said Peet. “The children are running from the living room to the kitchen – I love watching them.”

Peet, who uses a walker because of a spinal injury, understands the support of twenty-year-old neighbors. Recently, he says, a neighbor helped him when he fell from a chair.

Other reasons why many growers are staying where they are:

Millennium children in the house

Millions of older people than their previous generations live with their parents as the college donors between 2008 and 2010 had difficulties, in particular, in launching their careers. In 2016, 16.1% of older households were living with younger generations, up from 14.4% in 2005, according to Corruption and Census figures.

Front house crunch

The shortage of housing supply is particularly restricted by the inventory of the type of smaller, cheaper houses that boomers may target, says Hale. This makes it harder to find a compact house and raise its price, reducing net profits from any downsizing. From 2012 to February 2019, the third lowest proportion of houses had the lowest average prices of 8.03% per year, compared with 6.39% for medium-sized homes and 5.01% for the most expensive units, According to Trulia analysis.

Many upgrades, without sale

Now that home prices are more than house prices, the Chase survey showed that nearly nine out of ten people are booming to make improvements. As a result, many boom is aimed at upgrading rather than downsizing.

Mortgages paid

Many mortgages have finally paid off their mortgages and they don't want to start home payments again.

“Why do you go in another situation?” Says Shelly Levy, whose mortgage will be paid for two years. “We have a nice house. Now it is our ability to go on vacation. ”

Read or Share this story: https://www.usatoday.com/story/money/2019/05/21/home-buying-many-boomers-choose-age-place-and-not-move/3698390002/

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