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A recent National Association of Realtors report proves what many on the Gulf Coast already know: The baby boomers who aren't here yet? They're coming.
The association analyzed current population trends, housing affordability and local economic conditions in metro areas nationwide to determine markets most likely to see a housing sales boost from leading-edge baby boomers. Three of the top 10 markets positioned to see that influx of baby boomer homebuyers are in Florida, including Cape Coral-Fort Myers and North Port-Bradenton-Sarasota. The Tampa-St. Petersburg-Clearwater region was one of five in the second wave, listed under areas with “strong potential.”
In addition, on the share of baby boomers who move to a region compared with movers of any age, North Port-Bradenton-Sarasota and Cape Coral-Fort Myers are No. 1 and No. 2, respectively. That metric is one of six the NAR analyzed in its report.
“A broadly improving economy and rebounding home prices are giving baby boomers the opportunity to sell and move to support their retirement lifestyle,” NAR Chief Economist Lawrence Yun says in a statement. “Furthermore, our research identified cities movers are gravitating to while still remaining in the workforce as a business owner.”
In comments on individual markets, the NAR report notes that baby boomers are already well acquainted with Cape Coral-Fort Myers and Sarasota-Bradenton. Florida's low tax calling card is cited for one reason. But that's not the only basis for a projected baby boomer increase. The report also states that “spending on public welfare, hospitals, health, police protection and parks and recreation as a share of expenditures ranks relatively high among the states.” That's a big factor for baby boomers.
Here's a glance at the level of baby boomers who move to a region compared with movers of any age:
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