Bill Gates refuses to downsize from ‘gigantic’ Seattle megamansion with 24 bathrooms on 66,000-square-foot compound — despite being a single empty nester. Here’s why that’s normal in 2025

Although his adult children and ex-wife no longer live in the mega-mansion, Gates recently confirmed he’s not ready to downsize just yet. “My house in Seattle, I admit, is gigantic,” the 69-year-old told The UK Times. “My sisters have downsized. I can’t. I like the houses I have.”

While the scale of his property may overshadow that of the average American his age, many can relate to Gates’s emotional attachment to his property. And that sentiment is now having a ripple effect on the U.S. housing market.

Aging in place

You don’t need to be a multi-billionaire with an underwater music system to be in love with your home. A recent survey by OpenDoor found that 66% of Americans over the age of 55 said they were emotionally attached to their primary residence. Over 56% of this cohort had spent more than 15 years living in their current property.

Similarly, Gates purchased his property for just $2 million in 1988. It’s easy to see why a big change would be unappealing after 37 years.

And it pays to stay in place. For Gates, whose home is now estimated to be worth upwards of $130 million, selling will mean owing the IRS a fair share for his significant capital gains. While he can likely afford it — considering the average sale price for a U.S. home has more than tripled over the past 30 years — many older adults who consider downsizing face a hefty tax bill and elevated valuations for smaller homes.

As a result, empty-nester seniors own 28% of the nation’s large homes, while millennials with kids own just 14%, according to a report published by Redfin in 2024.

Plan for your future

While there’s a cost to downsizing some older adults might find hard to stomach, aging in place also comes with its own costs. For some older adults, the need for at-home care, or hefty property taxes and third-party maintenance services may make downsizing the better financial option for them.