Chapter 21 Question ○16

Why do many people want to buy a big house when their children grow up and leave home after retirement? (Tobin Schirke) Many people continue to live in their original houses after retirement, and move to nursing homes when they cannot take care of themselves.For decades, when people moved after retirement, they bought a smaller house in Florida, Arizona, or somewhere else with a favorable climate.Of course, many people still do this.But recent surveys of retirees show that many are selling their current home and repurchasing a larger one nearby.Why are they doing this? One reason may be that today's retirees are wealthier and can afford to move to larger homes.But their kids have grown up and moved away, so why would they want a bigger house?And why is it still built near the original house?Why don't they buy a bigger dwelling somewhere with a more favorable climate?Why build a massive six thousand square foot house in Pennsylvania?

There is a plausible explanation: there is a large house near the adult children's house, which can attract the grandchildren to come and play frequently.Divorce and remarriage have become more common over the past few decades, and many children now have six or seven grandparents (if stepparents are included).As a result, the demand for grandparents to meet and chat with their grandchildren increased, while the supply of grandchildren remained the same.So grandparents might want to increase their share of the limited number of grandchildren's visits by building a large house that is easy to visit.