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Boomers increasingly pressured by adult children moving home 2010-02-04 In many cases, baby boomers' children are moving back home while they struggle to find employment. It's an all-too-common problem in present-day America: Unemployment is close to 10 percent, and the economy has yet to pick up steam. Even though gross domestic product grew at an impressive rate at the end of 2009, experts suggest that that growth may not be sustainable. What that means for boomers is that adult children are often a presence in the house once again. Some boomers may be excited by the prospect, but having children move home can put constraints on a home's available space. So rather than downsize to a smaller home or move to a retirement destination, more baby boomers are optimizing their existing homes. Home improvements are newly popular among baby boomers, a real estate expert said to the Star-Ledger newspaper this week. As the housing market falters, investing in existing property makes sense, Better Homes and Gardens Real Estate chief executive Sherry Chris said to the paper - so remodeling and redesigning are becoming frequent among boomers. People older than 62 can take out a reverse mortgage to fund home improvements, financial experts suggest.  |
