Downsizing Home: Seniors are Cutting Costs and Cares – Boston, Newton, MA

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A smaller home can cut your costs and your cares. The kids are long gone, you don’t want to mow the lawn, and you’re tired of paying to heat and cool an empty house. Why not downsize? You’d have company. Among retirees who move, half swap for smaller digs, found a new study by Merrill Lynch. Most downsizers say cost cutting was the chief reason. Booming real estate prices have made the payoff even bigger. Home equity for many baby boomers far exceeds the value of their 401(k) or IRA. Their home is where their wealth is.
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