Florida and Arizona. The elderly population in Las Vegas grew by 65% between 1990 and 1998. Boomer-driven elderly growth through 2025 will be dominated by western states, led by Utah, where the senior population will increase by 143% during the next 25 years. Boomer growth due to aging in place will be most dramatic in the suburbs.
Florida and Arizona: Baby Boomer Magnets . Metro areas with a lower cost of living and sunnier weather are poised to see an increased number of baby boomers moving in and buying a home as some.
Baby boomers who owned a home at one point had an average household income of $78,570. That’s nearly twice as much as baby boomers who are renting and have never owned a home. Thus, baby boomer renters who previously owned a home are nearly twice as likely to make a residential property purchase as those who have only rented.
Once, Modarres notes, this region was – like Florida and Arizona – a major lure to retirees. Across the country, baby boomers, who are becoming seniors in ever-larger numbers – notes a recent.
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With 74 million baby boomers between 53 and 71, they’re starting to relocate for retirement. Not surprisingly, the top five magnet states for 2017 are popular retirement destinations. Here’s what all of the states (Florida, Arizona, Texas, North Carolina, South Carolina) share that make them popular for retirees.
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It is followed by zip codes where seniors make up 30% of the total in Tucson, AZ, Amarillo, TX, and Pompano Beach and Fort Lauderdale, FL. Arizona has 5 zip codes where baby boomers represent the largest share, rising up to its reputation as having some of the best places in the U.S. to retire.
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According to the Baby Boomer Survey conducted by PulteGroup, Inc., Baby Boomers are planning to retire earlier than before – at an average age of 63.7 today rather than age 65 in 2013. One-third of these retirees will be purchasing a new home specifically for retirement. 33% of them will be downsizing and be moving to a specific location – near family and a relaxed lifestyle.