2020 is the year forecasters predict as 'Peak Boomer'. This is the year the 'me generation' are finally overtaken in the population game by the millennials - those born between 1980 and 1996.
#Pew Research Center predicts there will be more U.S. Millennials (74million) than U.S. Boomers (73million) this year. So what does that mean for Boomers, their way of life, the election, the economy and the property market.
Many will be pleased to see Boomers toppled from their perch. They have been criticised by subsequent generations for all the World's ills - from climate change to rampant consumerism, the breakdown of society and the growth in unemployment and homelessness. Boomers were the last generation to have it better than their parents - with greater civil liberties, equalities and opportunities being the hallmark of their time - but many great things have been achieved during their reign, so it's a bit rich to lay every problem at their collective door.
2020 is also Peak Boomer retirement year, which means more Boomers than ever are quitting the workplace, drawing down their final salary scheme pensions, and thinking about downsizing from their zero mortgage, high equity, suburban homes to a place at the beach or an apartment in the city.
In 2020 Boomers are heading into retirement at a record rate of 10,000 per day, so what can we expect? Those who have benefited from employer paid pensions, the market's decade long recovery and astronomical growth in property values are eagerly looking forward to their future. Not everyone is that lucky, some will be disappointed at the lifestyle state social security supports, but for those who have done well, the good times will continue - "Laissez les bons temps rouler" as the New Orleans' folk preach!
Boomers are typically conservative, and as they retire will be looking to lock in the value of their assets and investments over the long term. This is probably good news for President Trump as he sells the strength of the U.S. economy in the forthcoming election, but it is also good news for sunny, high value, high quality destinations where retires are keen to flock.
Here on #30A - a luxury stretch of Gulf beach along Florida's Northwest coast - we are seeing Boomers in record numbers looking to relocate. New developments and homes are being built to cater for this influx of retirees from the frigid north and the Southern metropolises of Atlanta, Dallas and Houston. Our area's typical visitor is already in this key demographic - aged between 50 and 65 and with an annual income in excess of $150,000 - and they are now looking for homes to meet the retirement lifestyle they have promised themselves.
As realtors specialising in property along this coast, we are working with retirees to help find them their #30ADreamHomes. For some that is a permanent residence in one of our many upscale neighbourhoods, for others it is a 'lock up and leave' town home or condo for frequent trips and escapes to the beach, and for others it is an investment property which can create an extra income today and be an asset for kids and grandkids to enjoy in the future.
Competition for the best properties is fierce. Sellers looking to cash in on 2020's Boomer market are getting in touch to ask for our help in marketing and pricing their homes, while buyers are calling on us to help them source the best properties for their dream retirement.
If you want to see what a luxury life on Florida's 30A could be like for you - get in touch today.
Martin Liptrot is a Real Estate Agent specialising in #30A homes and properties. He has lived with his family along 30A since 2003 and has local insights and knowledge which will be valuable to buyers and sellers. With a career in international marketing and advertising Martin can also help you get your property on the market and promoted to the eager buyers looking to invest. Contact Martin@inletrealtygroup.com or text 850 353 1101
Comments