3 ms·
Many old people downsize to a condo because: 1. The kids are out and the house is too big for them. 2. They are usually one floor units and have an elevator.
by mahyarm 10y ago
Many old people downsize to a condo because:
1. The kids are out and the house is too big for them.
2. They are usually one floor units and have an elevator.
3. They don't have to maintain nearly as many things.
And a place with a metro is good if you can't drive any more.
- cmurf 10y agoI get all of the other logistical arguments why Manhattan works well for old people, I've seen that first hand. But a 1 BR condo in Manhattan is in the $3500-$4000/month range. What sized house is that they're downsizing from? Because if it's in Colorado, that's a 5BR 4000+ square foot house. If it's Tennessee, Missouri, Georgia, you've got that on a dozen acres, with a guest house, a barn, and horses, and staff. Median retirement income in the U.S. is ~$31k per year. So again, they're doing this how? Great idea if you're old and reasonably wealthy. This is not something the typical old fart is going to be doing for retirement.