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Survey: Older Americans Choosing Smaller Living Quarters [POLL/AUDIO]

NEW JERSEY 101.5

A new survey by The Demand Institute found many older Americans have decided to shrink the size of their empty nest.

Home Sales
Justin Sullivan, Getty Images

Forty percent of those between 50 to 64 years of age said they plan to move within five years, many to smaller living quarters.

“They may not want to do the maintenance that could be involved, it might be too much of a hassle,” said Maury Randall, a professor of finance at Rider University.

High property taxes and other expenses associated with a big house become less affordable for those with shrinking incomes.

“They just want to live within their budgets,” said Randall.

A move to a smaller property can also help enhance nest eggs for the golden years.  “They may not have enough funds saved for retirement,” said Randall.

Experts warn those contemplating the move to carefully consider the costs involved, which may include sales commissions, moving expenses and new furniture.

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