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November 23, 2014

Baby Boomers Turn to Cities for Retirement

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Baby Boomers Turn to Cities for Retirement

More baby boomers are being lured to the city for retirement, selling their suburban McMansions for a smaller urban home where stores, restaurants, and social events are within walking distance. 

"The baby boomers have kind of lived the suburban life," John Brady, founder of the Web site TopRetirements.com, told USA Today. "They were chained to their jobs, held down by children. They had to live where the good schools were and where there were recreation opportunities for their children. Retirement is like a second chance on life.”

Living in a city provides greater opportunities for part-time jobs, more robust amenities, and closer proximity to universities and sporting events.

Baby boomers' preferences seem to be merging with those of Millennials, particularly when it comes to walkable communities, says Amy Levner of the AARP in Washington. However, boomers are finding that it’s not cheap to live in the city. Take the luxury rental market in Dallas: A one-bedroom, one-bathroom apartment starts at $1,700 a month, while a two-bed, two-bath goes for $4,000 to $7,000 a month.

The five most populous cities in Where to Retire’s fifth edition of “America’s 100 Best Places to Retire” are: 

  1. Phoenix
  2. Austin
  3. Nashville
  4. Greater Portland, Ore.
  5. Ocean County, N.J.

Source: “Retirement Living: Top metro areas for retirees,” USA Today (Sept. 9, 2013)

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