Baby Boomers Continue to Dramatically Impact Retirement Destinations
Hal Rothman’s article, The New West, New Retirement Destination, states that Baby Boomers will continue to redefine and dramatically impact the Western states real estate markets. While many may believe that real estate in these markets have reached its apex, he says “think again”. Professor Rothman believes the West will supplant Florida as the nation’s leading retirement destination.
Locations such as Phoenix, Las Vegas and Rio Rancho will continue to grow with the addition of more Baby Boomers. Their influx will further drive up land prices and change the face of communities across the West.
In regards to Las Vegas, Rothman says, “retirement has already altered the economic structure of the real estate market. From 1985 to 2002, the average home cost roughly $150,000, making the community a wonderful choice for middle-class retirees, civil servants, federal employees, military and otherwise, and union workers from the Rust Belt. Since then, housing costs have doubled-the spread of the coastal disease of perceived scarcity accounts for much of the increase-and who the retirees are has changed. No longer blue-collar, they have become professional class, owners of stocks and bonds who manage their own 401Ks. The demands this constituency makes on social services, local government, and infrastructure is considerably greater then their less affluent peers.”
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513
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