Boomer Profile

A great deal has been written about the effect Boomers will have on rural communities and small towns.  Whether economic, social, educational or service delivery, Boomers will continue to have a significant impact on the communities in which they choose to retire. 

The following is a summary of several recent studies on the economic benefits retirees bring to a community and some of the values they seek when choosing a place to retire.

Market
- The size of the Boomer market will rise to 78 million (8,000 people daily)
- Boomer buying peak will occur between 2012 - 2015
- Over half of all people living to age 65 are alive today
- 70% of Boomers plan work until age 70
- 70% of Boomers will buy another home
- Boomers are seeking a lower cost of living and a simplified life style
- The Boomer generation will continue home buying until 2040
- Boomers are seeking more efficient, higher quality housing that is, on average, 25% - 35% smaller than their current home
- 70% of Boomers who plan to move are looking for rural communities or small towns to relocate

Economic Benefits
- Retired households moving into a community will have the same benefit as 2.75 industrial jobs
- Boomers command two thirds of the nation’s household wealth
- Retirees typically spend 85% of their income locally
- The average Boomer household has $400,000 in total assets
- The average Boomer retiree will spend $42,000 a year
- A small retiree community will add $50 million to a community tax base
- Both Florida and California have lost market share of Boomer residents to other states, especially Texas

What Boomers are Seeking (in no particular order)
- Low crime rates
- Low cost of living (especially taxes)
- Cultural opportunities
- Proximity to family
- Community image
- Continued education
- Medical services
- Housing availability
- Recreation opportunities (natural amenities)
- Social interaction
- Mild climate
- Historic character

In the coming weeks, I will touch on the wants and needs of the Boomer market and how individual towns can enhance their appeal to this group and the builders who will serve them.