Baby Boomers are increasingly downsizing to smaller homes or opting out of homeownership entirely in order to prepare for retirement, according to a new study from Bank of America Merrill Lynch.
The survey pointed out that tens of millions of Baby Boomers will soon migrate into retirement, and could soon modify family spending, continue working or downsize or relocate their homes
In fact, three out of four Baby Boomers answered they would downsize their home to lower ongoing costs and for the benefit from the equity. Another 67% said they would be willing to move to a less expensive location.
But many Baby Boomers also said they were willing to give up homeownership entirely. The study showed 47% would consider selling their home and renting an apartment.