Hello, I’m Dawn Thomas with Siliconvalleyandbeyond.com, and I’ll be sharing the information about the latest trends for Baby Boomers and the Top 5 trending states that are making new homes for Boomers.
We have all heard the tale, that when you reach retirement age you pack your bags and head for a nice sunny condo on the beach. Seems as if that is certainly not the case these days. A majority of Baby Boomers say not only are they not heading for Boca Raton, they are going to stay put in their old homes.
Many plan on staying put until they reach mid sixties and from there the divide begins. Nearly half (46%) say they plan to move and upgrade in size of their homes.
The other 56% say they will move and downsize, either by smaller home or spending less on house of the same size. This does not necessarily mean smaller homes in all aspects, as many will still seek high-end finishes or a community with amenities.
According to Huffington Post, the top 5 states where Baby Boomers are currently going are:
According to AARP.org, the 10 states where the highest concentration of Boomer live:
New Hampshire**: 36.4%
West Virginia: 34.8%
**States with no individual income tax
I’m surprised to not see more states with no individual income tax listed, such as Nevada, Florida, South Dakota, Tennessee, or Texas.
Thank you for joining us today, and once again this is Dawn Thomas with Siliconvalleyandbeyond.com.
Watch this video, ‘Where are the Baby Boomers Going When They Leave the Silicon Valley?,’ and more on YouTube!