The Wall Street Journal's article, "Trading Down," describes the dilemma of baby boomer's who wanted to use their home as a retirement fund. The study soon to be released by Joint Center for Housing at Harvard determines that age group shows a decline in mobility, senior citizens show the dipped the most. The decline of value in homes, high mortgages and equity in their homes mean they might just be staying put!
Smaller homes in affluent areas of New York, California and Washington, are difficult to because their limited supply. Westchester County is a prime example of the premium priced homes. Boomer's usually downsize when their youngest leaves the nest but today with their adult children are returning home. Housing costs lower by moving father away from large metropolitan areas which is impractical for senior unable to retire. Even sentimental memories of adult children may stand in the way of their parents selling. We are reminded of the these wise words, "Timing in life is everything!"
Comments