As baby boomer homeowners approach retirement, they’re facing a daunting reality: their homes have appreciated significantly in value over the years, but finding affordable housing options that suit their needs is becoming increasingly challenging. For many, the dream of downsizing and enjoying their golden years in comfort and financial security is turning into a nightmare.
The situation is particularly dire for those who want to stay in familiar neighborhoods or communities where they have established networks of friends and family. Kim Cayes, 67, a semi-retired corporate communications expert from New Jersey, is one such individual. Her home was recently appraised at nearly $700,000, but she can’t find a suitable single-story home in the $400,000 to $450,000 range that would leave her with enough cash for retirement.
Similarly, Dorothy Lipovenko and her husband, who live in Montreal, love their single-family home in a well-connected neighborhood. However, they’re finding it difficult to downsize due to the lack of affordable housing options, which has led them to consider staying put rather than undertaking a potentially stressful and costly move.
Andrea S., 60, a former agent and producer from California, is already living in a single-story starter home that’s well-suited for retirees. However, she’s concerned about her ability to afford the maintenance costs of her nearly 75-year-old house and is exploring options for selling it and finding an affordable replacement.
The situation highlights the challenges faced by baby boomers who are struggling to navigate the complexities of housing markets, financial planning, and aging in a rapidly changing world. As they confront these realities, many are left wondering whether their dreams of retirement will remain out of reach.
Source: Business Insider
