While local headlines are filled with stories about Millennials heading to Denver in droves, a similar story may soon take place with their elders.
That’s the prediction of a National Association of Realtors’ study that foresees baby boomers seeking out the city as they approach retirement. The study analyzed current population trends in conjunction with housing affordability, cost of living, housing inventory and job market conditions in the 100 largest metropolitan statistical areas in the country. The goal was to determine which markets were mostly likely to see a boost in sales from baby boomers.
Denver ranked in the top ten, along with Albuquerque, NM; Boise, ID; Fort Myers, FL; Greenville SC; Orlando, FL; Phoenix, AZ; Raleigh, NC; Sarasota, FL; Tucson, AZ.
“These metro areas are attractive to baby boomers because of their housing affordability, lower tax rates and welcoming business environment,” said Lawrence Yun, NAR chief economist. Sunny climates also played a factor.
Yun noted that several conditions are combining to make baby boomers more of a force in the market. “A broadly improving economy and rebounding home prices are giving baby boomers the opportunity to sell and move to support their retirement lifestyle. Furthermore, our research identified cities movers are gravitating to while still remaining in the workforce as a business owner.”
According to an NAR study, baby boomers make up 30% of all homebuyers.
Are you a baby boomer thinking of purchasing Denver real estate? Start your property search here!