WASHINGTON – Dec. 10, 2014 – Metro areas with a lower cost of living and sunny weather should see an increasing number of baby boomer homebuyers, according to new research by the National Association of Realtors® (NAR). It identified the top 10 U.S. cities based on baby boomer attraction, and three Florida cities – Fort Myers, Orlando and Sarasota – made the list.
To calculate future boomer demand, NAR analyzed population trends, housing affordability and local economic conditions in metropolitan statistical areas across the U.S. Boise, Idaho and Raleigh, North Carolina were identified as top standouts for baby boomers for their solid job growth, share of self-employed workers and affordable home prices.
"A broadly improving economy and rebounding home prices are giving baby boomers the opportunity to sell and move to support their retirement lifestyle," says Lawrence Yun, NAR chief economist.
NAR's research reviewed 100 metro areas that have lower state taxes, solid job market conditions and strong migration patterns. Cost of living, housing affordability and inventory availability were also considered.
In addition to the three Florida cities, the top 10 for baby boomer demand includes Albuquerque, New Mexico; Boise, Idaho; Denver; Greenville, South Carolina; Phoenix; Raleigh, North Carolina; and Tucson, Arizona.
NAR cited five other markets that also have a "strong potential for attracting baby boomer homebuyers." Those include one Florida metro, Tampa, along with Chattanooga, Tennessee; Dallas; McAllen, Texas; and Riverside, California.
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