Why do Seniors Downsize?
The reasons that seniors choose to downsize are as varied as the individuals in the senior population, though some reasons are more prevalent:
Reducing costs. For retirees on a limited or fixed income, moving to a smaller, less expensive space can save on mortgage or rent payments, home insurance, property taxes, utility bills and repair costs. Reducing square footage is one of the best ways to cut costs.
Affording a more expensive lifestyle. Some seniors may wish to move to an area that has a higher cost of living because of its location or amenities or to spend more of their money doing things such as traveling. Downsizing can make those choices more affordable.
Seeking a simpler life. Maintaining a home requires a lot of time and care, and the larger the home, the more time and care are needed. Downsizing often reduces the need associated with home maintenance.
Adapting to physical changes. Moving to a one-floor or adapted space that’s easier to access and use can help a senior better navigate life as physical needs change.
Accommodating medical needs. Seniors with chronic conditions or who need more frequent medical care may wish to move to a space that can accommodate specific medical equipment.
A smaller household size. When children finally leave the home, there are often unused or less-used rooms. Seniors may downsize by moving to a home that fits their new “empty nester” status.
Restarting life after divorce. Bowling Green State University’s National Center for Family and Marriage Research found that divorce rates among people 65 and older tripled from 1990 to 2021. With the separation of a marriage often comes a changed lifestyle, with a smaller living space.
If you are thinking about Downsizing now or in years to come, stop out on 2/27 at 6:30pm to our Downsizing & Preparing to Sell Seminar.
