Although some 10,000 Baby Boomers reach retirement every day, leaving the workforce (between 2006 and 2012 the number of working boomers fell by nine percent) and child rearing days behind, Patrick Simmons, with Fannie Mae, says contrary to popular belief they are not downsizing and moving to multifamily residences. He says, “The proportion of the population residing in a single-family detached home has yet to decline.” As housingwire.com tells MHProNews, during those same six years the number of traditional households fell by five million.

So why are boomers not moving? A survey by the American Association of Retired Persons (AARP) in 2010 revealed 90 percent want to remain in their own homes as long as possible. From 2006 to 2012 the average value of a single-family boomer household fell by 13 percent, and some are waiting until the home value returns before trying to sell. In addition, they may have a hard time finding the home they want because of the lower inventory, as the percent of boomer householders dropped during that six-year period from 10.2 percent to 7.9 percent. (Figures are only through 2012.) ##

(Photo credit: howstuffworks.com–boomers staying put)