More aging homeowners considering downsizing

Different generations have differing needs depending on their current life situations.

Longtime homeowners who are considering moving to a smaller living situation are not alone.

Here are some numbers about changing demographics and how they are impacting the housing market:

3.6 million

The number Baby Boomers are expected to downsize by 2037.

64 percent

The number of retirees will move at least once during retirement.

51 percent

The number of retirees over age 50 who have already moved into smaller homes.

41 percent

The number of retirees who plan to downsize as part of their next move.

The age when most retirees feel free to choose where they truly want to live.

While downsizing can bring benefits such as simplifying life and reducing expenses, it may also come with a lot of big emotions.

For many seniors, letting go of long-held possessions or leaving a home full of memories can feel overwhelming. Words like “getting rid of” or “discarding” can make it feel like a part of their life is being left behind.

For more generation-related housing statistics, check out this National Association of Realtors information.

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