More than 50% of adults 45 and older don’t plan to move from their current properties as they age.
However, will they be able to retire? Close to one-third of adults over the age of 45 are struggling to keep up with their housing costs over the past 12 months, a recent survey from PropertyShark of more than 1,000 people revealed. The lower the salary, the higher the chance of nor being able to keep up with housing costs. For those earning between $20,000 and $40,000 a year, 42% reported struggling with housing costs, while 27% of those earning between $40,000 and $60,000 said the same. For those earning more than $100,000, only 6% reported struggling to keep up with property costs. Eight percent of respondents have considered renting out space in their homes, like using AirBnb, to earn extra income to supplement housing costs.
Full-time roommates was also not an option for most adults, 59% wouldn’t host someone younger for rent, while 65% wouldn’t host someone closer to their age for rent costs or help around the house.
The top concerns for adults after retirement about their properties is maintenance and repairs, followed by increasing property taxes and keeping up with daily obligations.
Despite the majority of respondents planning to retire, more than 60% have less than $100,000 set aside for retirement, the majority of which is in a 401(k) at 35%, while 24% are planning to use some of their real estate investment as retirement funds. Eight percent of adults in the survey said they never plan to retire, while 33% said they plan to retire in the next decade.
For those who do plan to move to a retirement community, about 10% in this survey, the most important factor is the cost, followed by proximity to friends and family and then climate. Despite climate only nabbing third place on the factors list, 24% said their top state for retirement is Florida, followed by Arizona.