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By 2030, every member of the Boomer generation will be of retirement age. Retirement can be a time of great change and excitement, and, according to a new report by Bank of America, Boomers are more interested in retiring to fun-filled destinations than quietly spending their golden years in the suburbs.
“The latest Home Buyers and Sellers Generational Trends report from the National Association of Realtors found that for the first time since 2014, baby boomers overtook millennials as the generation with the biggest share of homebuyers,” Bank of America shared in its Housing Morsel Report. “From July 2021 to July 2022, 39 percent of surveyed homebuyers were baby boomers, followed by 28 percent of millennials and 24 percent of Gen X.”
So, where are Boomers buying up all that property? According to the same report, Las Vegas is the No. 1 spot for this particular generation of homebuyers.
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“Bank of America data suggests baby boomers are relocating to Las Vegas and Tampa, Florida, while millennials prefer Austin, Texas,” the report noted, adding that both “groups are leaving the larger cities of San Francisco and New York.”
What makes Las Vegas so attractive to boomers? According to a 2023 study by Empower, a financial services company, Las Vegas ranked as the top spot for retirement thanks to its affordability, tax friendliness to retirees, ease of access to health care, and of course, its year-round sunshine.
“Based on our analysis, Las Vegas was the most affordable U.S. city for retirees,” the report’s findings stated. “For those looking for their daily dose of Vitamin D, Sin City ranked second for average yearly sunshine, and proved very tax-friendly, with no state income tax, and no estate or inheritance taxes. Additionally, Las Vegas has a thriving senior community and plenty of entertainment options.”
The only downfall, however, is Las Vegas, like many places around the U.S., is experiencing a significant affordable housing shortage, making it potentially difficult for some retirees to find a necessary cost-of-living balance.
“We need more product,” Lee Barrett, the president of the Las Vegas Realtors, told the Las Vegas Review-Journal in 2023. “What’s kept the values up in the Las Vegas market is that lack of product, so it’s a supply and demand issue.”
If you can’t find housing as a retiree in Vegas, Bank of America’s report noted that two cities in Florida — Tampa and Orlando — are also top choices for baby boomers. And Florida will also be in style for retirees.
See Bank of America’s full report at institute.bankofamerica.com.
