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ORLANDO, Fla. – A majority of younger baby boomers and older Generation X-ers aren’t planning to downsize with their next move, according to a recent survey by MKM Partners Quantitative Survey Group, commissioned by Del Webb.
Of the 57% of survey respondents who plan to move in the future, 65% prefer their next home to be either the same size (43%) or larger (22%) than their current home.
A clear majority (71%) expects to need more space in their next home, and they prefer a single-family home; 63% say they want three or more bedrooms. For Gen X-ers, more space is not so much a luxury but a necessity: 29% of the 50-year-olds surveyed said they would design their next home to accommodate aging parents.
“Today’s 50- and 60-year-olds are active and looking ahead to their next move,” says 2019 Florida Realtors® President-Elect Barry Grooms, co-owner of Sarabay Suncoast Realty Inc. in Bradenton. “Research shows there are more than 140 million Generation X and Baby Boomers in the U.S., and many of them are planning for a future with different goals, but they still will be active in the housing market as they realize their new dreams.”
Contrary to some other forecasts, these older adults aren’t seeking urban locations. A significant percentage of those surveyed want to stay away from the city, with 87% preferring a suburban or rural setting. When asked for a preference, 60% said they wanted their next home to be a “quiet, tranquil place where they can slow down and get some peace.”
Inside the home, most respondents still prefer open floor plans, but a shift toward a more traditional layout may be brewing: 34% said they prefer more defined space to open concepts, and 60% of Gen Xers and 48% of baby boomers still want a dedicated dining room in their next home.