Seniors Are Holding Onto Their Homes Rather Than Downsize to Rental Housing

[Warrigal]

I wonder how much of this holding onto to your home is because the housing market has been so depressed. People are hanging on hoping to see the value of their home increase.

We own the house we had built on a vacant block back in 1965. It modest in size and the yard is manageable. We have been here ever since and won't move until one of us needs nursing care. We have someone come to clean the windows, another to mow the lawns and a third to blow leaves and twigs off the roof and clean out the gutterings. When we move out the house will be demolished and a big new house or a couple of more compact homes will be built on the land.

As long as we are able we will stay put because we are part of this district and have friends and connections that are valuable to us.

 

[Butterfly]

I wonder how much of this holding onto to your home is because the housing market has been so depressed. People are hanging on hoping to see the value of their home increase.

I don't much care about the value of the house, as I don't plan to sell it. I don't like the $$$ drain of renting and I don't see any point in moving. I sure don't want to move to a retirement community. Rents for apartments are very high here (in relation to wages, etc.), and continue to go up, and in retirement communities they are even worse. If I still had a mortgage payment to contend with, I might see it differently. Maybe I'll see it differently when I get older. I just don't see the point of paying out money every month for rent (and thus depleting my assets) when I can just stay here. It's a bigger house than I need, but it's all on one floor.

 

[Ameriscot]

I had this hairbrained idea years ago for us to sell this house and move to the Outer Hebrides. Stunningly gorgeous beaches, quiet, peaceful, everybody knows everybody, etc. So my husband said go ahead and do your research which I did for a while. The houses would cost less than we'd get for selling this house. However, the pros/cons columns were very heavily weighted on the Con side (which my husband knew I'd discover on my own). Small hospitals and likely not nearby, would need a helicopter to get to the mainland for anything serious. Everything costs more. Shipping things costs more. Island fever. The huge cost of ferries to get to the mainland (5 hour trip), few or no trees. Etc etc. Too much to give up just for beautiful beaches.

This is one of those islands we visited:

 

[Kathy G in MI]

My dear mother (87 years) still lives in her house of 50 years. She does not want to move. I live 3 hours away, my brother lives 3 hours away. We have tried to get her to move into an apartment building where her 90 year old sister lives, but she is not ready. Her handy man has alzheimers, her other handy man just died. I,67 years, refuse to be a handy man. Just last week she asked me to touch up her basement floor, I told her to ask my brother. But, Oh no, she didn't want to bother him (2 years younger than me). It's not that the floor needs to be painted, but it is scuffed and she is a perfectionist! Also wants inside of garage painted, it has minor dings in the walls, you should see my garage!!!

I spend about 5 days with her each month and do what I can. We did find a young man (44 years) who will do some of the things she wants done, like painting my Dad's old work bench in the basement because it is not painted. She doesn't even use the basement anymore because we moved her washer/dryer up into a closet on the first floor.
I hope I am not that stubborn for my kids when I am that age.
Sorry for the rant, I love my Mom, but would love to see her in a condo or apartment and have her enjoy the activities there.

 

[Bullie76]

I met a guy on the gulf coast not long ago who said after he retired, he sold his house and all contents. Him and his wife rent a condo on the coast 6 months a year and something up north the other half. They own no furniture, just clothes and some family pictures. He says they are totally happy and feel free as a bird. I can see the benefits of this life style.

 

[Cookie]

As I get older I just don't want many things around to clutter my life. I live a minimalist lifestyle with simple decor and barely any niknaks in an apartment with a nice view, no yard work and any maintenance I need is done by the property management. That frees up my time and energy for other creative pursuits.