Today is your day Boomer! To downsize or not? That is the question Boomers as we consider another year living in bigger homes built for families....but our children have mostly moved out! So what do we do? A smaller house, a condo, a big RV? According to mortgagesandbox.com, here are five key drivers of Boomers’ decision to downsize. (1)financial considerations: "The cost of maintaining a larger home, including property taxes, insurance, and maintenance, can be a significant burden on retirees living on a fixed income. In the current inflationary environment with high mortgage rates, those costs have risen significantly in the past year." (2)health and mobility: "As we age, we may find that our ability to maintain a larger home and navigate stairs and other obstacles becomes more challenging. In these cases, downsizing to a more accessible home, such as a single-story home or one with fewer stairs, can be a sensible choice." (3)lifestyle and hobbies: "Some baby boomers may choose to downsize earlier in life to free up more time and resources for recreational activities. In contrast, avid gardeners may wait as long as possible to downsize." (4) housing market: "Many boomers may have postponed downsizing due to the housing market boom, which increased the value of their homes. As a result, many baby boomers were hesitant to sell their homes and miss out on the potential appreciation." (5)family and social connections: "Moving to a new home can mean leaving behind friends, family, and familiar surroundings." But the lure of moving close to grandchildren can be very strong. Hmmmm....lots to think about and maybe the biggest decision of your life Boomers! Cheers.

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