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Boomers Love Florida
Florida has always been a mecca for those looking to retire to the sun and that shows no sign of slowing down. In a new study by RealtyTrac, four Florida counties (more than any other state) made the top 10 list for baby boomer population growth: Charlotte County, Citrus County, Lee County and Lake County. In all of these places, seniors already account for at least 27% of the population and have seen the influx of Boomers grow by at least 25% since 2007.
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Boomers Will Be A Key Force In Florida’s Real Estate Market
Baby Boomers have large homes and are looking to move to smaller ones and there are 78 million baby boomers in the country. Given that the vast majority are home owners (around 81%), that’s a lot of real estate transactions, and add to that the point above, that’s a lot of real estate transactions in Florida.
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Boomers Have Money
Advertising is always obsessed with youth because there is a perception that the youth have all the disposable income, but according to the U.S. Census Bureau, that is totally not the case. In fact, it’s the Baby Boomers whose purse strings advertisiers should be targeting. The Baby Boomer generation may account for only 35% of the population, but they are holding 70% of the nation’s disposable income. In Florida, this is borne out by the fact that, according to the AARP, Floridians aged 50+ are responsible for 58% of total consumer spending in the state.
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Boomers Drive Florida’s Economy
ever let it be said that older generations are a drain on the economy. The Baby Boomer generation is certainly laying that misconception to rest. In Florida, despite representing only 40% of the population, people over the age of 50 account for 54% of the state’s economic output, 58% of jobs and a whopping 67% of state and local taxes. For the state, Boomers represent a pool of highly talented and educated people, many of whom are not looking to retire completely. As more Boomers are looking to move to the state, Florida companies are benefitting from this.
Thinking of moving to Florida? Get In Touch with Team Coffey & Co. Sarasota’s relocation experts. Call: 877.308.6311
