Many Empty-Nesters Opt To Upgrade Homes

August 6, 2008

Nearly a third of empty-nesters - couples in middle age or older - are making upgrade changes in their existing homes as opposed to selling their home and moving into a smaller home, a condo or apartment, according to an AARP survey. In some cases, this includes major remodeling projects, preparing for their special needs in retirement living. "AARP’s survey indicates that Americans who are 45-plus are not looking to downsize or leave their current homes as they prepare for or enter retirement," said Elinor Ginzler, AARP senior vice president. "They’re fixing to stay, improving their homes in order to stay there longer and overlooking the drop in home values. Call it cocooning or nesting, boomers and their parents are digging in and staying put."

The survey indicates they are not worried about losing their homes, but are concerned about the effects of the housing slump and foreclosure crisis on their neighborhoods, as expressed by 64 percent of respondents. And the economy is a primary concern (89 percent). Yet another key concern is the risk of more crime in areas with high numbers of foreclosed homes, indicated by 69 percent of respondents.

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