Whatever their working plans, the surveyrnfound that the generation has some counterintuitive plans for theirrnhousing.  Thirty-seven percent said theyrnplan on moving, but while the common wisdom has older folks downsizing as theyrnage, 46 percent of those who plan to change locations are looking for nicerrnhomes or more space.  Nearly half plan tornspend as much or more money on housing after they move.</p

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The Institute says the 46 percent ofrnthose respondents who are looking for a larger home or plan to spend as much orrnmore as they currently do are less affluent than the respondents overall andrnmany delayed their housing plans because of the recession and its impact onrntheir finances.   They have median netrnworth of $40,000 and currently live in a home with a median of 1,200 squarernfeet.   “Downsizers” on the other handrnlive in a median 2,000 square foot home (compared to 1,600 for all respondents)rnand have median net worth of $322,000.</p

“Upsizers are finally looking tornpurchase their dream home,” the report says. rn”Many in this group will move from renting to owning, but they are notrnnecessarily looking to spend lavishly – the median price of their next home willrnbe $180,000, less than the $200,000 of the more affluent “Downsizers.”</p

The “Downsizers” are either looking forrna smaller home or to spend less for a home similar in size as they own orrncurrently occupy.  “Many are currentlyrnliving in larger, more expensive homes that will be difficult to maintain as theyrnage.  But just because they are lookingrnfor smaller homes, it doesn’t mean they are necessarily looking to settle.  Many will seek homes with high-end finishesrnand nearby services and amenities.”</p

Those who plan to move won’t gornfar.  Sixty-seven percent say they willrnstay in the same state and a quarter plan to stay within 10 miles of theirrncurrent homes.  The remaining third arernmotivated as much by wanting to live closer to family as they are by a changernof scenery or climate.  Maintainingrnconnections to friends and community is an important consideration and onlyrnabout 20 percent of those who will move are interested in residing in a seniorrncommunity or retirement setting.</p

Whether downsizing or not, most BabyrnBoomers who plan to move will continue to live in single family homes and mostrnintend to buy.  While slightly less thanrnhalf currently live in one-level homes one is an overwhelming choice for thernnext home.  Despite the maintenance, mostrnstill want a house with a garden or yard.</p

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The postwar generation is carrying muchrnmore mortgage debt than did earlier generations at the same stage of life – arnmedian of $118,000.  This is an increase ofrn142 percent since 1992 when the median was $48,743.  But this is a generation that has never shiedrnaway from debt and 56 percent of those who plan to purchase their next home saidrnthey will seek a mortgage to do so.  Seventy-sevenrnpercent are confident they will qualify.</p

But back to those Baby Boomers who planrnto stay put.  The Institute says that notrnonly do they prefer to age in place, they also feel their homes are set up tornallow them to do so.  This despite thernfact that many lack “aging-friendly features.” rnIn addition, three quarters of those households surveyed have alreadyrnhad a major health incident or have a member with a chronic healthrncondition.  This, the report says, furtherrncalls into question just how suitable these homes will be in the coming years. </p

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