By 2030, the entire Boomer generation will have reached retirement age, marking a significant shift in lifestyle and housing preferences. A recent report by Bank of America highlights this trend, revealing that Boomers are increasingly drawn to vibrant and exciting destinations for their retirement years, rather than opting for quiet suburban living.
According to the National Association of Realtors’ Generational Trends report, Boomers have surpassed millennials as the largest group of homebuyers for the first time since 2014. This shift is notable, with 39 percent of surveyed homebuyers being Boomers from July 2021 to July 2022, compared to 28 percent for millennials and 24 percent for Gen X.
So, where are Boomers flocking to purchase property? The report indicates that Las Vegas has become the top destination for this generation of homebuyers, followed closely by Tampa, Florida. Interestingly, millennials are showing a preference for Austin, Texas, signaling divergent housing choices between generations.
Las Vegas’s appeal to Boomers is multifaceted, as revealed in a 2023 study by Empower. The city ranks highly for retirement due to its affordability, tax benefits for retirees, accessibility to healthcare facilities, and abundant sunshine throughout the year. The absence of state income tax and estate or inheritance taxes further adds to its allure for retirees seeking a financially favorable environment.
Despite these advantages, Las Vegas, like many other areas in the U.S., is grappling with a shortage of affordable housing, posing a challenge for retirees seeking a balanced cost of living. The demand-supply dynamics have kept housing values relatively high, emphasizing the need for more housing options to accommodate retirees effectively.
For those unable to secure housing in Las Vegas, Bank of America’s report highlights Tampa and Orlando in Florida as alternative top choices for Boomers. Florida’s popularity among retirees extends beyond its attractive climate, showcasing a broader trend of retirees seeking comfortable and enjoyable living environments in their post-career years.
