54% of Boomers Plan To Never Sell Their Home — Here’s Why

A recent survey from Clever found that 54% of boomer homeowners have no intention of ever selling their home. Only about 15% of those surveyed said they’re thinking about selling in the next five years.

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As for why the majority of boomers plan to spend the remainder of their lives where they are, there are a few reasons — not least of which are related to finances. These are the main reasons, as well what those who do plan to sell intend to do next, and the biggest concerns individuals from this generation have about homeownership .

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Reasons Why Boomers Plan To ‘Age In Place’

If you’re hoping for a surplus of homes up for sale, you might need to wait a few more decades as more than half of boomers plan to age in place. While there are many reasons to sell, here’s why boomers plan to stay where they are (as per Clever’s survey):

• Financial security: More than three-quarters of boomer homeowners said the main reason they feel financially secure is because they own a home. Roughly 8 in 10 respondents indicated homeownership “leads to a more stable home life.”
• Lifestyle preferences: Many respondents said they prefer to age in place (47%) or that their home “fits their lifestyle needs” (52%).
• Legacy: About 4 in 10 boomers said they expect to see at least $200,000 in proceeds from selling their home, while nearly that many intend to leave behind their home as part of their legacy. While not explicitly stated, having a fully paid off home would make for a larger inheritance.
• Affordability: Only about 50% of boomer homeowners feel confident they could afford to buy a home in today’s economy.

Other common reasons why boomers don’t plan to sell include:

• Mortgage is already paid off (40%)
• No desire to start over (35%)
• Moving is too tedious (24%)
• Emotionally attached to their current home (22%)
• Unwillingness to give up community ties in the move (19%)
• Inability to afford a retirement living space (16%)
• Worries about losing their current mortgage (8%)

“When dealing with baby boomers the biggest issue is most of them have very active lives and continue to travel, socialize and entertain. A large majority believe in aging in place and very rarely consider downsizing,” said Odest T. Riley, broker and owner at Twenty-Four Seven Property Management .

“That is compounded by the fact that if they were to sell their home and cash out, homes in major metropolitan areas like LA, NY, Chicago, and Florida have no inventory and the smaller properties they might consider are just as expensive as the larger homes they currently own, especially when you consider the interest rates,” Riley continued.

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What Boomers Plan To Do After They Sell

As for those who do plan to sell their home eventually, here’s what boomer homeowners said they think they’ll do next:

• Downsize (39%)
• Move into an assisted living facility or retirement home (19%)
• Purchase another home but not downsize (17%)
• Move in with a family member (8%)
• Rent (6%)
• Other (12%)

Some homeowners are worried about moving, however. More than half said they’re concerned about the time and effort required to move. About a third are worried about either not being able to find an affordable home or one that meets their needs.

“I’ve had a lot of baby boomer clients lately who are torn between selling and staying put,” said Levi Rodgers, real estate broker and founder of The VA Loan Network . “Their main concerns usually revolve around the unpredictable housing market and the potential challenge of finding a new home that matches their current lifestyle.”

Most Common Concerns Among Boomer Homeowners

Of course, homeownership comes with its share of challenges. For older homeowners, the biggest concerns are:

• Cost of maintenance and repairs (59%)
• Keeping up with maintenance/repairs (55%)
• Property tax hikes (49%)
• Utility cost hikes (42%)
• Mobility or accessibility (24%)
• Living alone (20%)

Other top concerns include neighborhood changes, running out of money for the mortgage, a potential housing market crash and public safety issues.

Making the Decision To Stay or Sell

For any homeowner, including boomers, the decision to sell or stay where they are is often deeply personal along with financial. It might make sense to sell in some cases, but not always.

“I often advise [boomers] to consider whether they want to downsize or if maintaining a larger home is still manageable,” Rodgers said. “In some cases, holding onto the property makes more sense because it’s already paid off or close to it, and the rental market is so strong right now that they could even generate income.”

This article originally appeared on GOBankingRates.com : 54% of Boomers Plan To Never Sell Their Home — Here’s Why