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A new study by the NAR found that many baby boomers who had to delay retirement will finally be leaving the labor market and moving to lower cost, sunnier metro areas. NAR’s study results came from an analysis of current population trends, housing affordability, and local economic conditions.
Another feature of young adult migration magnets is their location. now engulfing more of the baby boomer generation than before the recession, are more selective in their destinations, heavily.
The migration of older people to Florida (also Arizona) altered the course of millions of working parents’ financial and social lives. But will the children of millennials visit their Baby Boomer grandparents in the Sunshine State? Unlike crocodiles eating Havaneses and horrifying "Florida Man" new clippings, it’s not a given.
Not all retired baby boomers head to Florida or Arizona; many want to remain in the area where they now live. Builders say they might move to a new house, but they want to stay near family and friends.
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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.
of baby boomers (those born between 1946 and 1955). increases in Utah and Arizona. Close behind are eight other western and southern states. Senior populations have begun to spread beyond areas usually thought of as retirement magnets, such as Florida. At the same time, there is a broad.
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Lawrence Yun, NAR chief economist, says Florida and Arizona cities attract many baby boomers. In addition, the share of men and women working after their 65th birthday has increased, setting the stage for elevated baby boomer buying activity in metro areas with a dynamic local economy, adequate housing supply and a lower cost of living.