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Baby Boomers Heading Back to the City

Real Estate

Baby Boomers Heading Back to the City

About 11 percent of home buyers aged 50 to 59 closed on homes in urban areas and central cities from July 2013 through June 2014, according to a 2015 report by the National Association of REALTORS®. However, that percentage is rising, up to 13 percent this year. Baby boomers are estimated at 74.9 million people so even the slightest percentage jump equates to a dramatic shift. Some of the most walkable urban centers and college towns are seeing some of the highest growth from baby boomers moving in, says Jonathan Smoke, realtor.com®’s chief economist. They tend to be drawn to the condos, nearby restaurants and shops, cultural venues, as well as places where they can take classes and workshops.

“The interesting trend is that the places where many young people want to live are the same places where many retirees want to live,” Smoke says.

New buildings are offering amenities to cater to this demographic, such as concierge services similar to hotels that help them with everything from dog walking to planning parties. Builders are also constructing more urban two-bedroom residences with dens and expanded laundry rooms (that can also be repurposed as hobby, craft centers, or miniature offices), says Isabell Kerins, a director of product and business development at John Burns Real Estate Consulting.