Recent research from the National Association of Realtors finds that Sarasota is one of the top 10 housing markets likely to attract baby boomers. Boomers already account for a significant portion of the real estate market in the city and those numbers look set to increase. The city appeals to this age bracket because of the varied cultural offerings, the climate and the cost of living. And while boomers are now beginning to reach their 60s, that doesn’t mean that they are looking to retire just yet. This a generation so retirement-shy, they have been nicknamed neveretirees.
Baby Boomers Plan To Be Neveretirees
Debt and the recent financial crisis has been delaying the millennials from getting into the real estate market but the more financially stable baby boomers are making up the slack. Though they are looking to downsize, now that they are older, many are not looking to put their feet up or spend the day on the golf course, just yet. In fact 65% report that they intend to work past the age of 65 and for younger boomers, NAR research indicates that their top motivation to move was job relocation.
Work Is Still Motivating Relocation Destination
This continued focus on work is reflected in other factors studied as well. Research found that solid job growth and the share of self-employed workers were ranked alongside more obvious concerns like climate and housing affordability, when boomers were deciding where to move. According the Lawrence Yun, NAR Chief Economist, “With baby boomers working later in life, these factors will likely play as much of a deciding role of where boomers eventually retire as will areas with a warm climate or variety of outdoor activities.”
Why Do Baby Boomers Like Florida?
Climate has always made Florida attractive to the older generations, but did you know it was one of the 5 best states to be in if you’re looking to start a company? Overall the cost of living in the state is a bit lower than in the rest of the country and housing in particular is surprisingly affordable. The fact that there is no individual income tax in the state is also an attraction for boomers as many in this stage of their life consider setting up their own business, and would be declaring their business earnings in this way.
Thinking of moving to Florida? Get In Touch with Team Coffey & Co. Sarasota’s relocation experts. Call: 877.308.6311