Tiny houses (less than 400 square feet on wheels or a foundation) and micro-units (purpose-built studio apartments less than 350 square feet) typically bring to mind Millennials and Generation Xers shrinking their housing costs and environmental impacts. But they could be gaining popularity among Baby Boomers, too.
For many people in or near retirement, their family-size home might not make sense for them anymore. Some say that an extra-small residence fits their new lifestyle just right.
According to a Merrill Lynch Retirement Study, 64% of retirees anticipate moving at least once in retirement, with 37% having already moved and 27% expecting to do so.
Of those retirees who moved, 51% also downsized. Their top motivations (survey respondents could choose more than one):
- Lower monthly costs: 64%
- Less maintenance: 44%
- Less space: 18%
- Cash from selling the house they used to live in: 16%
Read what some happy homeowners said about the benefits of living small and why you might retire to a tiny house – by choice.
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