By Mike Bodeen · 20 July 2026
Bypassing the Traditional Script of Downsizing
Congratulations to Spain’s soccer team for their hard-fought win in the World Cup yesterday. Though I prefer American football, I have to admit to being gripped by the second half of the game, and I was quite surprised at how rough they play. If you’re interested, premium locations to buy a home in Spain, like Madrid, Catalonia, and Mallorca, will run you $890,000 to nearly $2,000,000. On top of that, you can expect to pay an extra 10% to 15% of the purchase price in taxes and fees. Ouch.
The Wall Street Journal had an interesting article last week (07.16.2026) about wealthy boomer Americans “ripping up the traditional real estate script for aging.”
In a nutshell, per the article:
Boomers are upsizing their homes in retirement, reversing the traditional expectation that older Americans downsize.
About 7% of buyers ages 61–70 said the main reason they chose their new home was that they wanted more space, up from 4% in 2016 – a 75% increase.
Empty-nest boomers owned 28% of U.S. homes with 3 or more bedrooms in 2024, compared with 16% for millennials with children, per Redfin.
Many boomers are electing not to sell at all and are instead rehabbing their existing homes – often adding guest houses for family members and gourmet kitchens for entertaining. They are adding features such as high-end grab bars and first-floor primary bedrooms for aging in place.
This hits home for my wife, Karen, and me. We had a wonderful two-story home in Anthem – 3 bedrooms plus two dens – with unmatched Daisy Mountain views, backing to the Sonoran Desert. The home had 2,900 square feet. Due to our family needs, however, we needed a single-level home with a split floor plan. An ideal home in Tramonto came up for sale 7+ years ago, so we bought that and sold Anthem. The home we bought was 500 square feet larger than the one we sold, but apart from that it checked all the boxes. We also bought at the opportune time, with mortgage rates under 3%.
My daughter and her girls, after spending time with us in Tramonto, got into a 3-bedroom home in Anthem. Karen and I were able to be empty nesters for a few years, but recently Karen’s mom, at 92 years old, has come to live with us. And the same floor plan that worked for my daughter and granddaughters now works great for my mother-in-law, Kay. Needless to say, we have no need or desire to downsize.
Boomers are dominating the housing market. They account for 42% of home buyers, the largest share of any generation, according to the National Association of Realtors (NAR). They are often cash buyers, giving them an advantage over younger purchasers who need mortgages.
For those of you who subscribe to the Journal, here’s a link to the full article.
Another impulse for empty nesters is to buy bigger homes near children and grandchildren, or to relocate to a “dream” location that lures friends and family to visit. Other factors that keep boomers from downsizing include wanting to avoid paying large capital gains taxes on the sale of a long-held home that has appreciated a lot in value. Others are finding the housing stock of smaller homes is minimal and relatively expensive.
With thanks to the Wall Street Journal for much of this reporting.