More baby boomers buying bigger homes instead of downsizing
DUBLIN, Ohio (WSYX/WTTE) -- Forget downsizing. The trend for many baby boomers these days is upsizing and moving into a bigger home.
For many, it's the home of their dreams.
Cindi and Ben King decided to sell the family home after 30 years, buying a new one more than twice the size.
"We decided we wanted bigger, more open space and we like to entertain. So, this works out for us, " said Cindi King.
"I definitely wanted the hardwood floors, quartz counter tops, high ceilings and a real upgrade in appliances. I like to cook a lot. Everything in this house is my dream. Waited a long time to get it and it's perfect. We have upsized. This is the biggest home we ever owned."
Neighbors Moe and Peggy Modecki, who just moved back to Ohio from Texas, also bought a bigger home.
"We were looking for our dream retirement home," said Moe Modecki.
"So, we never have to move again. With this home, we actually upsized in terms of space because the downstairs two-thirds of it is finished. I've got the man cave. We've got a full bedroom, full wet bar, the works. This is where we can entertain for the rest of our lives."
A survey of 40,000 baby boomers by The Demand Institute found 46 percent of them are looking for bigger and better homes in retirement.
Barbara Sykes, the Ohio Director of AARP, said Boomers used to want to move to warmer climates.
"Now, they want to stay where they are and if they move, according to the survey, it'll only be within 30 miles of where they've lived."
But Greg and Kristin Taylor, with Legacy Retirement Group in Dublin, said upsizing isn’t for everyone.
"You do have to consider the budget, how that's going to impact the amount of savings you have remaining," said Greg Taylor.
"Also the layout of the home because a lot of retirees have health problems and it makes it difficult then if it's not accessible in the new home," said Kristin Taylor.
The couple said the amount you'll pay in property taxes should also be factored in.
The Kings say they couldn't be happier.
"If you haven't had your dream still, go for it," said Cindi King.
"Everyone assumes you get to a certain age and that you just stop."
But she said why stop when the best years are still ahead.