I ran across that phrase recently – "Crossing the Freedom Threshold" – and it intrigued me enough to pursue it further. What I discovered is that it describes a time in life where the place that we live is no longer dictated by responsibility but is based solely on choice. What a great phrase to describe a wonderful concept!
Within the next five years, Baby Boomers are projected to have the largest household growth of any other generation during that same time period according to the Joint Center for Housing Studies of Harvard. In Merrill Lynch’s latest study, “Home in Retirement: More Freedom, New Choices,” they surveyed nearly 6,000 adults ages 21 and older about housing.The study disclosed that throughout our lives there are often responsibilities that dictate where we live. Whether being in the best school district for our children, being close to our jobs, or some other factor is preventing a move, the study found that there is a substantial shift that takes place at age 61. The study referred to that shift as "Crossing the Freedom Threshold."
According to the study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses”.
Not Every Baby Boomer Downsizes
There is a common misconception that as retirees find themselves with fewer children at home they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found surprisingly enough that three in ten decide to actually upsize to a larger home.Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them.
"Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations."
Regardless of where you are in life, if your housing needs have changed or are about to change, I'd love to meet with you to explore your options and discuss your next steps!