As their assets begin to regain value, baby boomers are seeking more for their money in lower-cost markets—causing a ripple effect in the housing market, an analysis by online real estate company RealtyTrac found.
“Boomers who are downsizing are helping open the door for many first-time home buyers while also driving demand for purchases and rentals in the markets where they are moving,” said Daren Blomquist, vice president of RealtyTrac.
RealtyTrac’s analysis of U.S. Census population data between 2007 and 2013 showed boomers, both homeowners and renters, are moving from higher-priced to lower-priced markets—even if those areas have lower median household incomes and slower home price appreciation.
“Boomers are recovering from a recession that wiped out much of the equity in both the stock and housing markets,” said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market. “We are seeing many boomers cash out as they regain the equity that was lost in the last downturn.”
Top 5 Markets Where Boomers Are Moving
These markets saw the biggest percentage increase in boomer residents between 2007 and 2013.
- Brunswick County, NC (Wilmington metro area)
- Pinal County, AZ (Phoenix-Mesa-Scottsdale metro area)
- Charlotte County, FL (Punta Gorda metro area)
- Beaufort County, SC (Hilton Head Island-Beaufort metro area)
- Sussex County, DE (Seaford metro area)
Top 5 Markets Where Boomers Are Leaving
These counties saw the biggest percentage decrease in boomer residents between 2007 and 2013.
- Fulton County, GA (Atlanta-Sandy Springs-Marietta metro area)
- Arlington County, VA (Washington, D.C.-Arlington, VA-Alexandria, WV metro area)
- Wayne County, MI (Detroit-Warren-Livonia metro area)
- Clayton County, GA (Atlanta-Sandy Springs-Marietta metro area)
- City of Alexandria, VA (Washington, D.C.-Arlington, VA-Alexandria, WV metro area)
You can read the full report on RealtyTrac for more information. The heat map, below, shows where boomers are moving in the U.S.
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