Thirty two percent of the U.S. population is 50 years old or older. As this group looks at retirement they have more choices in housing than were available to previous generations. "Do we "age in place" and stay in our home or do we downsize into a one story and move into something more affordable?" Initially, these seem to be the main issues that are often considered.
There is no magic solution and each client has a different answer to these questions. Right now I am working with several clients that are looking at housing options for retirement. Some are looking a smaller one story homes in their existing neighborhoods others are considering condos downtown. Both can be great choices.
Fifty two percent of those 55 and over own their homes outright. For that population mortgage payments may not come into the equation. For the other half, retirement may bring with it a smaller fixed income making housing choices contingent on monthly mortgage costs. This could make a condo a better fit.
Trying to balance size, location and cost can be a challenge for retirees just as it is for all home buyers. This challenge appeals to me. If I can help you sort it out let me know.
