So where will be baby boomers live as they retire? That is the question that is being answered right now as 10,000 boomers a day turn age 65 like I did this year.
I spend a lot of time reading everything I can about the very same thing. Plus I am living this myself and see my friends moving for retirement. Here is my take.
Where Will The Boomers Live in Retirement?
The options are several but let’s just consider these:
1. move to an active adult community in another state
2. move to an active adult community in your own state
3. move to suitable home in another state
4. move to a suitable home in your state
5. stay where you are living now
From the way it looks now, the majority will stay in their own homes for many reasons, not the least of which is affordability. They make make some changing to their homes to make them more liveable as they ended up aging in place. This is option 5 above.
The next sizable tier, those who can afford it, may just move in a more suitable home in their own state. This is option 4. They may move from a large home to a ranch with a basement or a townhouse with master on the main and same level living areas. This may be to a location right in their current neighborhood because they like living there but just want a more suitable home for their retirement living. They may move a little closer to their children (grandchildren) and I see this happening quite a bit.
Some but a smaller group will elect to move to one of the 55+ places in their current neighborhood or one of the active adult communities on the edge of their metro area. This is option 2. I am seeing more of these 55+ communities being build in the suburbs where people are living now and I think this will become more popular as time goes on. These boomer communities will be smaller because of the land acquisition cost than those large Del Webb type active adult communities on the outer edges of metros.
Very few will move overseas for affordable retirement living, places like Costa Rica or South America. Some will move into their second homes which may be vacation or seasonal homes, but not many.
So as I see it this is what is happening right now answering the question where will the baby boomers live in retirement.