Aging in place is a big trend in real estate and housing.
Oh man, I’ve got to start this post with a quote:
“The back to the city” meme appeals to urban boosters and reporters but in reality the numbers behind it are quite small. A 2011 survey by the real estate advisory firm RCLCO found that among affluent empty nesters, 65% planned to stay in their current home, 14% expected to look for a resort-type residence, and only 3 percent would opt for a condominium in the core city. Most of those surveyed preferred living spaces of 2,000 square feet or more. RCLCO concluded that the empty nester “back to the city” condominium demand was 250,000 households nationwide, a lucrative but small market out of the 4.5 million empty nester households in the metropolitan areas studied.
250,000 nation-wide? I found this story by my pal Joel Kotkin to be very interesting and worth a mention or five. First of all, where ARE the most Baby Boomers living now? They currently make up 15 percent of the nation’s population, that figure expected to expand to 21 percent.
Answer: Tampa-St. Pete, Pittsburgh, Tucson, Miami, Buffalo, Cleveland, Rochester, Providence, Hartford, St. Louis and interestingly, Birmingham, Alabama, probably because of its manufacturing history. Two sand states and the rust belt.
The cities with the smallest percentage of Baby Boomers are Austin, Salt Lake City, Houston, DALLAS, and Raleigh, NC.
Why is this so important? (more…)