Baby boomers are continuing to look beyond traditional retirement settings to places that will better suit their active lifestyles in their post-career days, Fox Business writes. And they’re finding them in college towns.
A slowly rebounding economy is helping more retirees view cities as a viable and exciting alternative for their retirement years, previous reports show.
“As cities have become safer, boomers have been lured back to metropolitan areas largely because of their entertainment attractions, but also because dwellers can walk their neighborhood and enjoy public transportation,” the recent Fox article states.
Senior housing developers have also caught wind of this trend, as some have looked to urban settings for their market demand as well as their cost advantages.
Not only are boomers looking to retire in larger metro areas, but many are narrowing their focus on college towns for the excitement and activities offered near university campuses. These locales offer access to museums, free classes, restaurants and a faster pace of living.
Buying a condo or townhouse in a college town also provides low prices and high benefits. Home prices are typically near the median national average price of $212,400 or below and real estate taxes tend to be low, Fox writes.
A growing number of older adults have opted for college-based retirement campuses for more active, intellectually stimulating and intergenerational environments.
With 8,000 boomers retiring every day over the next 15 years, their decisions are poised to reshape the second home market.
Read the full Fox Business article here.
Written by Emily Study