Quote:
Originally Posted by Mazrim
My parents are a great example of this. Retired and in a house that was great when there were also 3 kids there, but now it's way too big for them. They have absolutely no desire to downsize because "what if family wants to visit" and "moving is annoying". I've been gently prodding them about it for years but might need to do some more drastic pushing before their health declines.
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I see this everywhere. A friend's parents just recently upgraded to an even larger house with four extra bedrooms.....It's baffling to me. Now that real estate has gone up in price, it's a great time to sell and downgrade. The extra equity can be invested, and boomers could live pretty great retirements, rent/mortgage free, while also bringing in investment income. Most boomer couples selling their primary home could probably afford a really nice 2 bedroom condo in the neighbourhood of their choosing, then use the investment income to go on a fancy trip or two every year, without digging into the capital.
Instead, the norm just appears to be have 2 extra bedrooms designed for children in your house that will almost never get used. After a certain age, what use are you getting from your yard, that you couldn't get from visiting a nearby park?
I guess it's just an ego thing. Boomers don't want to accept having to move into a retirement home. Maybe change just becomes too difficult.