Fifty six percent of the baby boomers are still tied up with a mortgage. One-third (33%) of these boomers have paid off more than 60% of their existing mortgage whereas a quarter of the them have paid off less than 25% of their mortgage.
Preferred Housing after Retirement
Most boomers (61%) prefer to downsize to a detached home after retiring, citing gardening, a back yard and no condo fees as the major reasons for their preference. Another 24% prefer a condominium for better security, lower maintenance and access to such amenities as a pool and exercise room. At least half of the boomers say they will not move (49%) because of the hassle of moving (61%) or because they are already comfortable with the size of the home they are in (43%).
Some baby boomers already own vacation property (9%) and another 12% plan to purchase vacation property after retiring. At least 33% of the boomers are interested in purchasing property in the USA. The latter group is encouraged to consult with an expert about lending rules and taxes when considering such opportunities.
Author Information:
Ihor Cap is a Web Author and a Dad.
Image Attribution:
Attribution By Evan Swigart from Chicago, USA (Pumpkin 2) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons
