Sunny Housing Markets Woo Boomers
Credit unions located in warmer climates with stronger economic activity might benefit from housing finance programs aimed at migrating baby boomers, according to the National Association of Realtors.
The association said it analyzed data from the U.S. Census that suggested metropolitan areas with milder climates and stronger economies will attract members of the baby boomer generation who are putting off retirement and continuing to work.
The association cited Boise, Idaho and Raleigh, N.C., as examples of places with solid job growth, a larger share of self-employed workers and affordable home prices.
Lawrence Yun, NAR chief economist, said Florida and Arizona cities attract many boomers.
In addition, the share of men and women working after their 65th birthday has increased, setting the stage for elevated boomer buying activity in metro areas with a dynamic local economy, adequate housing supply and a lower cost of living, according to NAR.
“A broadly improving economy and rebounding home prices are giving baby boomers the opportunity to sell and move to support their retirement lifestyle,” Yun said.
“Furthermore, our research identified cities movers are gravitating to while still remaining in the workforce as a business owner,” he added.