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74% of Seniors Say Best Financial Decision Was Buying a Home
Beyond a home’s sentimental value, 74% of older adults surveyed said buying was the best financial decision they ever made. For 73%, it’s their most valuable asset.
NEW YORK – Beyond the sentimental attachments that seniors have built for their homes, they also believe homeownership was the smartest financial decision they ever made, a new survey finds.
When looking back over their life, nearly three in four seniors (74%) say “purchasing their home” was the best financial decision they ever made, according to a new survey of more than 1,500 respondents ages 60 to 75 conducted by the American Advisors Group. For 73% of the respondents, the home is their most valuable retirement asset.
More than half (55%) of these seniors say they’ve paid off their homes and are living mortgage-free. Of those who haven’t, 40% say they plan to use the equity they’ve built to eliminate their monthly payment.
“Buying a home is one of the largest purchases someone can make, and for many seniors, their purchase has turned into an investment,” says Martin Lenoir, AAG’s chief marketing officer. “Our data shows that older Americans are well aware of what their homes are worth and are looking to utilize the equity they have gained, which is a big reason why we’re seeing so many seniors interested in reverse mortgages. Homes not only embody the journey that seniors have lived, they also represent a possible retirement strategy for the future.”
Still, most seniors surveyed don’t plan to cash out any time soon. About 92% say they prefer to live their later years in their current home rather than move – and 50% say the pandemic has made them want to live in their current home for the rest of their lives.
Source: American Advisors Group
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