Are Retirees Shunning the Beach Life for the Big City?
September 9, 2019
More retiring baby boomers show a preference for the big city over a sandy beach. They’re being drawn to urban areas that tout walkability, nearby restaurants, culture, and public transportation. The baby boomer generation is the largest ever to retire. About 10,000 boomers per day reach age 65, and as they relocate for retirement, they are expected to have a big impact on the housing market.
“Many boomers recognize that cities are a great place to age,” Daniel Levine, founding director of the Avant-Guide Institute trends consultancy, told realtor.com®. “Everything is often within walking distance, from restaurants to hair salons. Add the plethora of cultural activities, and aging in the city is sort of like one big retirement home. America’s cities are dynamic engines of change, and boomers are as much a part of that as younger generations.”
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
Median home list price: $490,000
Median home list price: $390,000
- Las Vegas
Median home list price: $323,000
- Albuquerque, N.M.
Median home list price: $260,000
“Bye-Bye, Boca! Retiring Boomers Are Flocking to These 10 Cities,” realtor.com® (Sept. 9, 2019)
Updated: June 04, 2020