Baby Boomers, the group born between 1946 and 1964, left their jobs in 2020 more than any other year. According to a Pew Research Center analysis, 2 million baby boomers have retired on average per year since 2011. However, by 2020, that figure had risen to 3.2 million. According to researchers, the epidemic may have influenced some people’s retirement decisions.
If Covid-19 influenced boomers’ careers (or decision to leave the workforce), it also influenced their home values. Because the majority of boomers are homeowners, they are likely to have profited from the spectacular increase in housing values across the country.
In the fourth quarter of 2020, 88 percent of housing markets in the United States experienced double-digit home price growth, with average national prices increasing 14.9 percent year on year to $315,900. This was a fortunate benefit to the bottom line for homeowners.
Today’s homeowners who wish to cash in on their equity without taking out a home equity loan must downsize, relocate to a less expensive area, or find other living arrangements that do not necessitate re-entering a strong market for sellers.
While some Baby Boomers are selling, others are moving to vacation properties. They are, for the most part, downsizing. Another tendency is that South Carolina and Florida are attracting a significant number of Baby Boomers.
In 2020, this group aged 65 to 73 sold their homes at a higher pace than any other age group.
Baby boomers were also the group most likely to be moving the greatest distance after selling, with the average distance of about 40 miles.
Most retirees base their relocation decision on where their children live. Clients usually want to be closer to their children or grandchildren. However, if the couple does not have children, they may not have the desire to reside so near to immediate family. Instead, they seek their ideal retirement house. This is usually near or on a golf course, a beach, or a warm-weather attraction.
Unsurprisingly, the top ten most popular destinations for seniors to look for homes were all in Florida. According to a Realtor.com survey, the Sunshine State areas that drew homebuyers were all near beaches, with the exception of Ocala, which is located in the state’s center. The site studied for-sale listing views for properties across the country that originated from inhabitants of 371 postal codes with at least 40% of the population aged 65 or older.
Markets in the Carolinas and Georgia were more popular in 2020 than some traditional Florida senior areas.
2020 Top Seniors Markets
Fort Myers, Florida
Vero Beach, Florida
Delray Beach, Florida
Boca Raton, Florida
Punta Gorda, Florida
However, seven of the top ten lost share of views throughout the course of the year. The cities with the largest growth in view share in 2020 were:
Vero Beach, Florida
Southport, North Carolina
Myrtle Beach, South Carolina
Okatie, South Carolina
Oak Island, North Carolina
Bradenton Beach, Florida