The majority of boomers who own a home are certain they will enjoy a pleasant retirement, according to Freddie Mac’s recent, extensive study of respondents aged 60 and over. Alongside this, some baby boomers are becoming more and more interested in downsizing.
With mortgage rates elevated and the housing market evolving, many homeowners are choosing to update their current home rather than look for a new one. One aspect of this is borne out in a recent study from Nationwide, which shows that 51% of homeowners surveyed had completed a major home renovation project in the last two years. And yet, about that same amount failed to upgrade their insurance policies to protect their new investment.
Last year, the total number of extra bedrooms in the U.S. reached 31.9 million, up from 31.3 million the year prior and over four times the 7 million in 1980.
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