December 8, 2009

Baby Boomers: A Great Boost For Real Estate

Each year since 2007, approximately 3.9 million baby boomers retire. Not surprisingly Florida is one of the places on the top of their where to retire wish list.

Here’s a little background on the number of baby boomers in the U.S. According to the Congressional Budget Office, 2007 was the first year the oldest of the nation’s baby boom generation was eligible to receive retirement benefits from the government. There were 79 million Americans born between 1946 and 1964. Doing some simple math, I divided 18 years into 79 million to see how many boomers would be retiring between 2007 and 2025. The answer of almost 4 million people each year delivers a punch that can’t be ignored.

So, where will these people retire? I’ve reviewed four 2008 lists from the following sources: “The Bottom Line Guide,” AARP, “US News and World Report” and “Money Magazine.” I found that although not many of the same cities were found in these reports, many of the same states were.

Florida and Texas cities were found on all lists. Although every region of the U.S. was included, the Northwest proved very popular, as well.

Although beach cities such as Ft. Lauderdale and Miami have always been retirement destinations, it's the small beach communities where many northerners want to live. In the Tampa Bay area, one can't beat the following:

Treasure Island: A beautiful city of 10,000 feels like a community and not like a tourist destination. It has a small downtown area that encourages people to walk as one can stroll to the beach, a two-story grocery store and numerous shops and restaurants without much effort.

St. Pete Beach: Just south of Treasure Island is another beach community of approximately 10,000 permanent residents that draws locals and visitors alike. Many Florida residents have gotten married on the beach here as the hotels do a great job of catering to the wedding crowds. St. Pete Beach has a flat beach that goes from Upham Beach to Pass-A-Grille, making a great place for walkers and runners. The area has a number of beach bars and restaurants that make hanging at the beach a local favorite.

Tierra Verde: This small community of 3,600 people is located south of St. Pete Beach and is at one of the last exits on Interstate 275 before the Sunshine Skyway Bridge. Condos and single-family homes dominate the landscape, but the real draw is the proximity to Ft. DeSoto Park. A bike bath runs from the town to the park where locals can bike, walk, skateboard or rollerblade their way to the beach.

St Pete Beach       Treasure Island              Tierra Verde