Empty Nesters ask “What’s next?”
Millions of Americans grapple with the next chapter of their lives and what to do now that the kids are gone.
Ellen Mrukowski’s house is eerily quiet these days. It’s something she and her husband Jay aren’t used to – not since their triplets were born 20 years ago.
For nearly two decades, the Mrukowski home was alive with the sounds of infants, toddlers, teenagers, and finally young adults. But now that the kids are off to college (son Troy is playing college football in Ohio; daughters Claire and Meredith are at a Florida college playing volleyball), the activity has died down.
It’s the little things that Ellen and Jay notice with the kids out of the house.
“We go days without running the dishwasher,” says Ellen. “We’re doing a lot less laundry. Shopping - like I barely need to go to the grocery store. I can order HelloFresh and have three dinners delivered.”
The Mrukowskis are two of 22.5 million empty nesters across the country – parents whose children have grown up and moved out of the house.
A recent Nationwide survey of homeowners revealed that empty nesters are just like Ellen and Jay – re-evaluating their current situation, starting with their homes.
"We've done some renovations like the kitchen and bathrooms, but now we ask ourselves ‘Do we want to reformat the basement or do we want to redo the outside patio and have a better outdoor living space,’” says Ellen. “These are things that we could do, but we're also open to looking for something else somewhere else that already has what we're looking for."
“Mortgage rates are elevated and housing prices remain at a record high. With little financial incentive to move, empty nesters are opting to stay in large homes and are upgrading their homes to fit their new lifestyles,” said Casey Kempton, Nationwide’s president of Personal Lines insurance. “With more disposable income than general homeowners and a mentality to age-in-place, empty nesters are getting their homes in tip-top shape.”
According to Nationwide’s survey, 50% of empty nester respondents report having done a major home renovation over the past 2 years.
The most common renovation projects? Repairs (45%) and interior remodels (38%). Specifically, empty nesters are looking to:
- Repair wear and tear (Empty Nesters 51%; U.S. Homeowners 48%)
- Make their home more enjoyable (Empty Nesters 50%; U.S. Homeowners 47%)
- Change outdated features (Empty Nesters 48%; U.S. Homeowners 39%)
- Update things to their taste (Empty Nesters 42%; U.S. Homeowners 43%)
“This is a time of mixed emotions for empty nesters. They’re struggling with the new normal and at the same time, are excited for what’s ahead,” says Kempton. “As they make these upgrades and other financial decisions, they should keep in contact with their insurance agent to make sure those new investments are properly protected.”
For the Mrukowskis, the decisions on what comes next are easier because Ellen and Jay have the same long-term goals. Their advice to other empty nesters? Communicate how you're feeling with your partner and don't make any impulse buys.
“Think about the big picture,” suggests Ellen. “Think holistically. Don't think about just today."
That includes thinking about what your plans are, but also taking your kids’ future plans into the equation.
“I want the homestead that my kids and their kids can come back to and all have a place to stay under one roof. That's more my vision right now."