Baby Boomers and Tucson, Arizona

The National Association of Realtors (NAR) verifies that baby boomers will have a wide variety of housing needs in the future. These needs will vary dependent upon individual retirement plans, or the lack thereof. 78 million boomers are all on the path to retirement and no two are alike.

While most of these millions are still far from retirement, their housing needs shift constantly. Tucson, Arizona is rapidly becoming a top choice for the boomers to settle due to high employment rates, warm weather and unlimited opportunities to enjoy nature’s splendor.

NAR’s chief economist, David Lereah, states that baby boomers now live longer and lack set paths for retirement. The fact that they do not know how they will retire significantly affects their housing needs. They hope to acquire their dream homes while still living in transitory states. This is an entirely different financial scenario than their parents and grandparents.

Because many baby boomers married and had children later in life, they will continue to work past the “normal” retirement age. One-third of “older” boomers expect to go back and forth between periods of continued work and leisure. Another 35% expect to continue working or start a business in their later years. The median age that boomers intend to stop working is seventy with 27% planning to never stop working at all. These factors will dictate the types of housing demanded.

In short, because the boomers intend to stay in the workforce longer, they will put off planning retirement home purchases longer. This causes disruptions in predictions made before these trends developed. Tucson, Arizona, part of the Sunbelt, will be affected less by these trends than many other geographic areas. It will continue to be a great drawer of people both young and old. The area just has so much to offer.

Economic opportunities, a natural lifestyle, rural settings, quality health care, warm temperatures, recreational opportunities, age-restricted communities, cultural activities, large homes and an easy-going life are all important variables in the Tucson/boomer equation. The secret is being loosed: Tucson, Arizona is a hotspot for baby boomer intentions.