Oct. 23, 2019 — Many of the 10,000 adults who retire each day are interested in relocating from where they live now. The 55places 2019 National Housing Survey asked nearly 3,000 recent and prospective homebuyers to reveal what’s important when looking for a home, community, and real estate agent, as well as other relevant aspects of the homebuying process. The respondents, 97% of whom were over the age of 55, provided some interesting insights into what drives their relocation preferences.
Amenities and Social Key Drivers For Moving
While reasons for moving vary, the top three motivators among respondents include better amenities and social opportunities (32%), downsizing (27%), and retirement (26%). And while states with moderate climates are growing in popularity, the top desired states remain static. Florida (19%), New Jersey (10%), California (9%), Arizona (7%), and Pennsylvania (5%) were marked as a likely place to reside in the next 12 months, which is no different from findings in 2018. However, non-traditional states like North and South Carolina, Texas, Colorado, Utah, are expected to see growth over the next decade.
Affordable Single-Story Living is Preferred
When it comes to home features, the survey found single-story living was significant for nearly half of respondents (note: this is very consistent with surveys done by Topretirements). 48% marked it as a top feature of their new home, followed by having a garage (45%) and a modern kitchen (35%). Cost is important when considering a new home. 25% of survey participants expect the value of their next home to cost about the same as their current one, while 46% expect their next home to cost slightly less or much less.
Real estate agents wanted. The study found that many retirees would like to have a real estate professional help them in their relocation search. These are the characteristics they would like these experts to display.
Comments? Do these findings jive with your relocation preferences? If not, what are the drivers if you are looking to relocate in retirement? What are the amenities you are looking for, and what kind of social interactions would you like to have? Please let us know in the Comments section below.