Housing Market 2024: Why Downsizing Your Home for Retirement Might Not Be Worth It
There are a number of reasons why you may downsize your home in retirement. Perhaps you’ve simply tired of excess space after your kids go off to college. Maybe you’re looking to move to a more expensive location and don’t want to take a financial hit by doing so. Or, perhaps you’ve made the decision to sell your large home and buy a smaller one, deeming this one of the smartest ways you can save money in your golden years.
And you may be right; there are so many financial benefits to downsizing, but, surprisingly, there are cons, too, particularly in the current housing market and economy at large. But why exactly might downsizing your home for retirement not be worth it in 2024?
Here’s a dive into the current downsides of downsizing.