| May 23, 2006 |
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People are living longer and healthier lives, which will impact what kind of housing options they want later in life, suggests the Senior Advantage Real Estate Council in its annual senior Senior Home Seller Survey "Moving Forward: 50 & Beyond." Using research gleaned from The National Council on Aging, Harvard's Joint Center for Housing Studies, and The National Association of Home Builders, the survey supposes that among the principal challenges in housing seniors is creating modifications and more choice. More choices would encourage more moves, which could further stimulate the real estate industry. Seniors are already surprising analysts by moving more frequently after the age of 60. Like younger homebuyers, seniors (age 50 and older, according to the AARP benchmark) expect their homes to perform as a key asset and resource. Many baby boomers, the first of whom turned 60 in 2005, are "counting on the sale of their home to finance their retirement." Among the findings:
Most seniors gave their reasons for selling their homes and moving, yet there were stark differences in the preferences of younger seniors, 50-64, or preretirement age and older seniors, 65 or over. Among the findings:
Where do they move? The survey said most senior homebuyers stay within their home state (82 percent), 72 percent of seniors selling their primary residence move less than 100 miles from their previous home. Younger seniors tended to move farther away from their previous residences than did older seniors. Of those senior homebuyers who did move to a new state (18 percent), the most popular choices were: Florida, Nevada, Arizona, Texas, Georgia, and New Mexico. Complete reports are available from the Senior Advantage Real Estate Council. |
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