Do you know how many baby boomers reach 65 every day? About 10,000 a day! WOW! They are the largest generation ever to retire and their housing decisions will have a huge impact on our housing markets over the next decade.
New research shows that baby boomers are interested in big city living for their retirement years. They’re being drawn to urban areas that tout walkability, nearby restaurants, culture, and public transportation. Cost of living and warmer weather may also play a role in where they settle as is evidenced by the list below.
Realtor.com® researchers identified areas with the highest number of residents ages 55 and up, as well as areas that have seen the largest increases of this population over the past two years. The site identified the following areas as the fastest-growing retirement cities for boomers:
Tucson, Ariz. Median home list price: $290,000
St. Louis Median home list price: $209,000
Tampa, Fla. Median home list price: $325,000
Denver Median home list price: $490,000
Atlanta Median home list price: $390,000
Las Vegas Median home list price: $323,000
Albuquerque, N.M. Median home list price: $260,000
Source: “Bye-Bye, Boca! Retiring Boomers Are Flocking to These 10 Cities,” realtor.com® (Sept. 9, 2019)