Cities are seeing a Baby Boom as the boomer generation gravitates towards metros with a preference for areas that will put them in closer contact with millennials.
Boomers are attracted to Austin, TX and Raleigh, N.C. in addition to cities like Dallas, TX because of their younger populations. What’s interesting is that Austin actually has the highest percentage of millennials of any large city. This positive correlation of millennials and the baby boomer generation’s preference for cities is one that can be seen in large metros across the country. Baby Boomers are expected to bring a new era of longevity and vitality to retirement. Trading in retirement communities for bustling cities is just one more step for the boomer generation to be the most active seniors to date.
We have seen a steady stream of boomers relocating to urban areas over the past year with pre-retirees moving to the West Coast or Southern states with Texas and California being popular states for relocation. Austin, TX saw a growth in its boomer population up 4.4% in the past year making Austin the highest boomer population of any city. Austin is closely followed by Raleigh, N.C. whose Boomer population grew by 4.3% in the last year.
While Baby Boomers’ relocation can be attributed to a number of factors, it’s hard to ignore the assumption that retirees are looking for a more active, community-based retirement. Not only that but living alongside millennials could give seniors the unique opportunity to build multi-generational relationships whether it be through business, community engagement, or social connections.
In fact, with approximately 76 million baby boomers in the United States, Americans have begun to recognize new market opportunities as this generation now enters retirement. (Click here to read a recent Retiring Wise post on the benefits of boomers’ expertise for start-ups in the Silicon Valley)
Living in a city makes sense as nearly 50% of today’s pre-retirees say that they want to continue working after they retire according to a retirement study conducted by Merill Lynch.
Reasons for working in retirement have always had financial reasons but today we are seeing more boomers voice that they want to work during retirement because it gives them greater purpose and fulfillment in retirement. Many seniors value the cognitive stimulations and social connections that they receive from a job.
This boomer generation of working retirees is just one example of seniors finding purpose in retirement. Living a meaningful retirement where you have a purpose has lasting effects on health, longevity, and the ability to age in place.
Here are CNN’s most affordable cities for retirees to age in place:
- Pittsburgh, PA
- Indianapolis, IN
- Omaha, NE
- Decatur, AL
- Tulsa, OK
- Tampa, FL
- Clarksville, TN
- Corpus Christi, TX
- Alexandria, LA
- Aiken, SC
A reverse for purchase can help you relocate
Many seniors consider relocating in retirement. Whether it be to downsize, move closer to friends and family, or move to a more desirable location, a reverse mortgage loan can be used to purchase a new home. This is called the reverse for purchase option. A reverse for purchase allows homeowners 62 and older to use the equity in their existing home to finance the purchase of a new home. This allows homeowners to purchase a new home without having to make monthly mortgage payments*. Not only that but the process is taken care of in one closing so that we can get you into your new home as soon as possible.
Call a One Reverse Mortgage licensed expert to learn how a reverse mortgage loan could help you age in place.
*Homeowner is still responsible for taxes, insurance, and property maintenance.