Common reasons for downsizing include lowering the cost of living, not needing as much space and wanting to experience new environments — but nowadays, many baby boomers are staying put. According to a recent Redfin survey, “More than three-quarters (78%) of older American homeowners plan to stay in their current home as they age.” While there are many reasons to downsize, there are also plenty of reasons to stay , and GOBankingRates spoke with a few boomers who shared their strategy for aging in place.
Silvana Clark, 71, and her husband have lived in their home in Bellingham, Washington, for over 30 years. Although they spend most of their time now in Washington, DC, with their grandchild, they plan on keeping their house, which is mortgage-free.
“We could easily sell this house and buy a house in DC since we want to be close to her,” Clark told us. “We’ve decided to rent out this house and then rent in DC for a few years. Keeping our home in Bellingham gives us the security in knowing we have a true home if we get tired of living in DC.”
Clark, who does freelance travel writing , explained in addition to keeping their options open, they consider Bellingham a special place. “Bellingham is a smaller town with easy access to mountains, hiking and biking activities, and NO humidity! We’ve traveled all over the world and always feel Bellingham is our favorite place to live.”
Financial Reasons
Bernie Wagenblast, 67, grew up in Cranford, NJ, and has lived in her home for 30 years. While the house is more spacious than needed, Wagenblast said it’s the best choice financially to stay.
“It doesn’t seem to make financial sense to sell at this time,” she said. “Cranford is a popular town for homebuyers and the value of the home continues to increase. The mortgage is paid and I would likely pay significantly more in rent than what I’m now paying in property taxes and maintenance were I to stay in the same area. I’m in good health and using stairs and taking care of the house are not a problem.”
Community Support
Besides being cost-effective, Wagenblast, who hosts a podcast about the town, revealed she has a “unique” reason for staying in Cranford.
“Last year, I had a gender transition. The support I’ve received from folks in town was tremendous and I don’t know I would find the same level of support elsewhere. I credit the podcast as one of the reasons I’ve enjoyed such support.”
The Perfect House
Karin Klein, 70, has lived in Laguna Beach, CA. for 36 years and said her single level 1,800 square foot house is “almost perfect for aging in place.” Although the house felt a bit too small when she shared the home with her three kids, it’s ideal now, she explained.
“Both I and my partner need offices. I keep a guest room for when kids visit, mine and his; the studies also have the ability to convert to sleeping quarters.” She added, “I like entertaining in my garden, which is also a monarch butterfly waystation, and we grow a lot of our own fruits and vegetables.”
Great Public Transportation
Klein, who enjoys keeping busy as a part-time writer , loves the high-quality life Laguna Beach offers and while she’s considered moving to San Francisco to experience a bigger city vibe, she isn’t leaving anytime soon.
“I like my quiet neighborhood, my particularly beautiful city, the ocean readily at hand, and I have longtime friends and neighbors here,” she said.
Public transportation is another reason Klein is keen on staying. “The city has a transit app; by walking to the stop at the top of my street, I can get a van ride to any other bus stop in town for free. So when I reach the point where driving isn’t wise, I’ll still have the ability to get around.”
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