In the St. Louis real estate market, understanding the choices of retirees is crucial. The Merrill Lynch-Age Wave report, “Home in Retirement: More Freedom, New Choices,” offers valuable data-driven insights. It reveals a significant shift in retirees’ housing preferences, with a focus on lifestyle-driven relocation rather than just downsizing.
Key Insights:
- Renovation Trends: Retirees are increasingly focusing on home renovations to improve comfort and safety. This trend is driven by the desire to age in place comfortably, adapting their living spaces to suit changing mobility and health needs, as well as to accommodate visits from family and friends.
- Financial Stability through Homeownership: The report indicates that home equity is a significant aspect of retirees’ financial security. Many retirees own their homes outright, providing a stable financial base and the possibility of leveraging this equity for additional income or security in retirement.
- Community and Location Preferences: Retirees show a growing preference for living in age-specific communities or areas with desirable amenities and climates. This shift is influenced by the desire for social interaction with peers, access to health care and recreational activities, and the appeal of living in a more comfortable and suitable environment for their lifestyle needs.
At MORE, REALTORS®, we recognize the unique real estate needs of the senior market in St. Louis. Our team includes several agents specialized in this sector, having undergone extensive training to acquire specialized designations such as Certified Senior Advisor® (CSA), Seniors Real Estate Specialist® (SRES), Certified Senior Housing Professional, and Certified Downsizing Coach. These qualifications equip us to offer tailored services and advice to retirees, ensuring they make informed decisions that align with their lifestyle, comfort, and financial goals. Our expertise positions us as a trusted partner for seniors navigating the St. Louis real estate market.
For a complete understanding of these trends, the entire report is available for review.
