“If Baby Boomers decide to scale down as they retire, especially if they fear increasing heating and AC bills in the future, then at least the larger homes will no longer go up in value but will be seen as a liability.”
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Retirees have more than just higher energy bills to worry about. Home insurance, property taxes, and general upkeep and maintenance costs are all rising. And for many people retirement incomes are not rising fast enough to keep up, so it makes sense to downsize.
Buy a smaller home in a nice area and enjoy your retirement.
“the larger homes will no longer go up in value but will be seen as a liability.”
Yup—this happened several hundred years ago in a place called “Europe”.
The homes were called “castles”.
Their owners became “house poor”.
;-)