These Twin Cities boomers left their big homes behind
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Illustration: Sarah Grillo/Axios
Choosing what to pack or purge from his Shoreview house of 25 years ahead of a move to a townhome in Washington state was a "Herculean task," former Minnesota resident Steve Senyk says.
Why it matters: With empty nesters hogging the Twin Cities' family-sized homes, we're talking to some families who have downsized.
What they're saying: Senyk and his wife spent five months sifting through items to donate, sell or trash, a process that involved the whole family, because "my assumptions often were wrong as to each item's financial or sentimental value."
- They contracted an estate liquidator to help with larger pieces, since the townhome, which they already owned, is furnished.
Despite moving headaches, many who leave behind their larger homes feel relief, including Kathryn Blanchard, who purchased a Minneapolis condo to be closer to her aging parents.
- Hiring estate sale pros was well worth the 35% fee, says Blanchard, who tells Axios she drove what was left in a U-Haul and happily bought a new set of living room furniture.
Reality check: Many older people are on fixed incomes and those who own homes are often staying put because they're mortgage-free or have a low interest rate.
- Baby boomers with empty nests own over a quarter of Twin Cities homes that offer at least three bedrooms, according to a recent Redfin report.
Robyn Hansen sold her Southwest Minneapolis home to her 79-year-old mother, giving mom the 2.5% mortgage rate.
- So-called assumable mortgages are hard to obtain but allow Hansen's mother to live on the first floor of a familiar house and avoid stairs.
The latest: Some seniors are ditching homeownership entirely, with some moving into swanky apartments loaded with pools and other perks.
The bottom line: Downsizing can be draining. Former Plymouth homeowner Kim Insley says she's still getting rid of things that don't fit in her smaller rental house.
- "Your kids don't want your great-grandmother's end table and china set. It doesn't fit their life and they likely don't have room for it anyway."