The way renters age 55 and older predict they'll spend their retirement years can be quite different from what they actually experience, according to the Freddie Mac 55+ Survey that we commissioned from GfK.
More than one–third of renters responding envisioned staying in their current homes in retirement. However, of retired respondents, only 7% currently are aging in place.
Many renters like the idea of being close to family in retirement. Among the renters responding, 24% predicted they'll move closer to another family member and 22% said closer to their children or grandchildren; 12% expected to move in with one of their adult children. Compare that to what some respondents have already done: 18% of renters moved closer to their adult children or grandchildren and 13% closer to another family member, while 5% moved in with one of their adult children.
The possibility of living in a warmer climate in retirement appeals to 18% of respondents, and 17% see themselves in a retirement community someday. On the other hand, of those who've already made a lifestyle change, 12% have moved to a warmer climate and 11% to a retirement community.
The following charts depict the responses given from various perspectives:
- Has already happened vs. definitely/probably will happen in the future
- Rent a single–family home (property with 1–4 units) vs. a multifamily home (property with more than 5 units)
It's natural to want and predict a certain lifestyle into our retirements years, but no one knows just what the future holds.
Find out what survey respondents who predicted they'll move at least once more had to say about their next home.
Check out the summary of our survey findings about renters age 55+.
Have a comment or question about this post? Email us to let us know what's on your mind.