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Downsizing By The Numbers

 

You no doubt hear about downsizing at least once a week (or more!) – whether in regards to real estate news and more homes entering the market when people downsize, or in conversations with friends and family who need to vent about the struggles of simplifying. But how many people does this really impact every day? How much stuff do you really need to get rid of? And what about that upsizing trend… is it actually happening?!

 

This week’s blog post explores just that, as we share some stats and numbers on the realities of who, why and what downsizers are doing today!***

 

WHO

The growing aging population means more people are downsizing EVERY day 

  • Every day, 10,000 people in the US turn 65

  • 40% of Americans ages 50-64 plan to move within the next 5 years

  • By the year 2030, 26 million homes will enter the market because of Baby Boomers moving

  • From age 60 to 80+, the number of seniors who rent (rather than own) triples

  • The amount of downsizers exceeds upsizers by 3:1

WHY

Physical, social and financial reasons drive the need AND desire to downsize 

  • 38% of workers plan to retire at age 70 or older, but only 4% actually work that long

  • The old 4% rule (draw no more than 4% from your retirement accounts each year for living expenses) isn’t as accurate today, given that people are living longer and desiring more substantial lifestyles

  • The #1 reasons people move later in life is due to health and safety

  • A study completed in 2009 found that older adults who moved as part of a retirement plan were happier than those who had stayed in place, with seniors completing short distance moves near loved ones are reportedly the happiest!

WHAT

Most people know they NEED to do it… but don’t know how to start 

  • 60% of seniors report owning more stuff than they need

  • 75% of older adults say that the amount of stuff they own makes they somewhat or very reluctant to move

  • 100% of downsizers feel some level of stress in the process of paring down (at least in our experience!)

 

If you or someone you love is part of the growing population of downsizers who is facing a growing amount of stress, remember that there are people (like us!) who are here to help! The many upsides to downsizing are often overlooked because of the mental, emotional and physical toll that the process can take. But nobody ever crossed the finish line without running the race right? So don’t let the process get in the way of the possibilities… your quality if life is too important!

 

We offer one-hour complimentary consultations – so please feel free to reach out anytime!

 

All our best,

 

Helen & Julie 

 

 

***Data Courtesy of:

The Myth of the Magic Retirement Number

INFOGRAPHIC: The Upside of Downsizing

Helping the Elderly Downsize

Helen Ingwersen