Dallas is one of 15 top markets poised to attract baby boomer homebuyers because of an affordable cost of living, sunny weather, and friendly business climate, according to new research by the National Association of Realtors (NAR).
NAR looked at 100 metro areas with lower state taxes (or none at all, as is the case in Texas), stable job market conditions, and strong migration patterns of “leading-edge baby boomers” (those 60-69) moving to that area. By doing this, they predicted which housing markets are likely to see a boost from baby boomers. Cost of living, housing affordability, and housing inventory availability were also factors in their rankings.
For these reasons, Dallas was identified as one of five markets with strong potential for attracting baby boomer homebuyers.
“It comes down to housing affordability, and lower tax rates in the Dallas area and the state as a whole,” said Adam DeSanctis, NAR economic issues media manager. “More boomers after 65 are working, some because they have to, or feel like they have to, but also those that are healthier and want to maintain an active lifestyle. Those [baby boomer] business owners come to Dallas for its dynamic local economy.”
The NAR ranked these as top markets positioned to see an influx of baby boomer homebuyers (listed alphabetically):
- Albuquerque, New Mexico
- Boise, Idaho
- Fort Myers, Florida
- Greenville, South Carolina
- Orlando, Florida
- Phoenix, Arizona
- Raleigh, North Carolina
- Sarasota, Florida
- Tucson, Arizona
Other markets likely to attract baby boomer homebuyers include:
- Chattanooga, Tennessee
- Dallas, Texas
- McAllen, Texas
- Riverside, California
- Tampa, Florida
“With baby boomers working later in life, these factors will likely play as much of a deciding role of where boomers eventually retire, as will areas with a warm climate or variety of outdoor activities,” said Lawrence Yun, NAR chief economist. “A broadly improving economy and rebounding home prices are giving baby boomers the opportunity to sell and move to support their retirement lifestyle.”
Baby boomers represented 30 percent of all homebuyers, according to a NAR generational study released earlier this year. They had a median household income of $92,400 and bought a house that cost $210,000.
Here’s a brilliant infographic from NAR that breaks down their findings.