Baby boomers are changing the definition of a “retirement” locale, driving migration to cities with affordable housing, recreational opportunities and robust economies.
Neil Shapiro considers himself “within shouting distance” of retirement. He and his wife could have sold their home near Chicago and bought a condo in the Sun Belt, long a lure for retirees.
Instead, the couple bought another single-family home — in Boise, Idaho.
“We wanted to come to a place where we want to live and work for a few more years,” he said.
A city with an active economy was also important, he said, so that “once I do retire, if I get bored out of my mind, there will probably be employment opportunities.”
A wave of retirements among baby boomers in the coming decades will have a big impact on residential real estate, in ways that are upending some conventional assumptions. Baby boomers are working longer or opting for “phased” retirements, in which they work at least part time after leaving their primary careers.
They are changing the definition of a “retirement” locale, driving migration to cities with affordable housing and recreational opportunities and also robust economies that can support jobs.