Nearly three-quarters of baby boomers said they would rather be close to their children or family during their retirement year, rather than live in a community with friends of their own age.
The survey was conducted by LifeGoesStrong.com and the Associated Press.
Approximately one-quarter of those surveyed believe they will move out of their current area or community in retirement. That fits in with what demographer William Frey said at the recent Mortgage Bankers Association convention. He found that U.S. Census data shows Americans are staying in the same area they lived in during their working years.
The results also found that nearly 40% of respondents plan to stay in their current home for their entire retirement.
"It's easy to understand why mid-lifers are interested in being near family and staying close to home during retirement," said Barbara Corcoran, who used to own an eponymous real estate company in New York. "It's also important to note that most boomers currently live in a suburb, and that group is more likely to have lost money on real estate since the economic downturn began. But whether or not someone was directly impacted, the recession makes all of us more aware of the importance and comfort of a close family circle, and the value of strong home roots."
Only three in 10 surveyed said there is somewhat of a chance they will purchase a new home in retirement.
Of this group, 43% would buy a smaller home; 30% want to move to an area with a different climate; 25% want a more affordable home; 15% want to be closer to family; and 12% would buy in a retirement community.
Nearly four in 10, whether they will rent or own, said proximity to medical offices or hospitals was a very important consideration on where they would live. A similar number said they want to be close to shops and services.
