Photo portrait of charming retired woman raise hands sitting sofa done work relax stylish home decor living room modern apartment. Photo portrait of charming retired woman raise hands sitting sofa done work relax stylish home decor living room modern apartment
NEW REPORT: Baby boomers are currently sitting on an astonishing $19 trillion in real estate across the United States, representing nearly half of the nation’s total housing wealth. This significant accumulation is a direct result of decades of homeownership and rising property values, reshaping the landscape of the housing market today.
According to a new analysis by Realtor.com, the concentration of this wealth is particularly notable in certain metropolitan areas that are becoming hotspots for retirees. Not surprisingly, Florida dominates the rankings, claiming five of the top ten markets where boomers have established their homes and wealth.
The analysis ranks these markets based on three key factors: the share of homeowners aged 65 and older, the total value of homes, and the estimated real estate value held by older residents. The findings provide a snapshot of where retirees are not just residing, but where they are holding significant real estate assets.
Top Wealthy Retiree Markets Revealed:
1. **North Port-Bradenton, FL**
– Real estate held by homeowners aged 65 and up: $97 billion
– Share of homeowners aged 65 and up: 56%
– Median home price: $495,000
Nestled in Sarasota and Manatee counties, this metro area features a blend of scenic coastlines and popular destinations like Venice Beach, making it a prime spot for retirees.
2. **Naples-Marco Island, FL**
– Real estate held by homeowners aged 65 and up: $70 billion
– Share of homeowners aged 65 and up: 57%
– Median home price: $749,000
Known as the Paradise Coast, this area boasts stunning beaches and numerous golf courses, attracting affluent retirees willing to invest in high-value homes.
3. **Santa Rosa-Petaluma, CA**
– Real estate held by homeowners aged 65 and up: $54 billion
– Share of homeowners aged 65 and up: 47%
– Median home price: $995,000
Located in Sonoma County, this region is celebrated for its wine country and vibrant community life, appealing to active retirees seeking a serene lifestyle.
4. **Barnstable Town, MA (Cape Cod)**
– Real estate held by homeowners aged 65 and up: $34 billion
– Share of homeowners aged 65 and up: 53%
– Median home price: $899,250
The charm of Cape Cod continues to attract retirees, offering a slower pace of life and beautiful summers despite its cooler climate.
5. **Prescott-Prescott Valley, AZ**
– Real estate held by homeowners aged 65 and up: $27 billion
– Share of homeowners aged 65 and up: 58%
– Median home price: $669,000
Known for its warm climate and lower insurance costs, this area is increasingly popular among retirees looking for a comfortable and affordable lifestyle.
The findings underscore a generational shift in real estate, with many boomers choosing to remain in areas where they feel a connection, often passing down properties through families. As Deborah Garner, a real estate agent in Barnstable, notes, “There is a generational effect where property gets passed down and families find it hard to part with homes.”
With new listings down 6.5% from last year and construction activity in the Northeast lagging behind other regions, the market for retiree housing is becoming increasingly competitive. These developing trends highlight the urgency for potential buyers and investors to act quickly in these sought-after areas.
As the baby boomer generation continues to age and their influence on the housing market grows, the dynamics of real estate investment and ownership are set to change significantly. Stay tuned for further developments on this evolving story.
