Baby boomers are choosing the suburbs the most!
In this article, I will be talking about:
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Reasons why Baby Boomes Prefer Suburbs
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Impact of Boomers Moving to the Suburbs
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Popular Suburbs
Baby boomers, the largest generation in American history, are moving to the suburbs. According to a comprehensive 2023 report by the National Association of Realtors, Baby Boomers accounted for a remarkable 39% of homebuyers in Illinois in the past year, up from 34% in 2022. Delving deeper into the data, the report unveiled a compelling trend – Baby Boomers are increasingly favoring the suburbs over the city.
Here are the reasons why baby boomers are moving to the suburbs:
The GI Bill
The GI Bill was a major factor in the suburbanization of America. The bill provided financial assistance to veterans to buy homes, which made it possible for many baby boomers to purchase their first homes in the suburbs.
Affordability
Baby boomers are choosing the suburbs because they look for a more affordable place to live. The cost of living in cities has been rising steadily in recent years, while the cost of living in suburbs has remained relatively flat. This makes suburbs a more attractive option for retirees on a fixed income.
The suburbs offered homes with larger yards, which was attractive to many baby boomers. The cost of housing in cities has been rising steadily in recent years, making it difficult for many baby boomers to afford to stay in the city. The suburbs, on the other hand, offer more affordable housing options.
Safety and Community Ties
The next reason why baby boomers are moving to the suburbs is that they are looking for a more peaceful and harmonious place to live. Cities can be noisy and crowded, which can be stressful for retirees. Suburbs, on the other hand, are often quieter and more relaxed. This can be a major draw for retirees who are looking to downsize and enjoy their retirement years.
Suburbs are often perceived as being safer than cities, which can be a major concern for retirees. There is also a sense of community that is often lacking in cities. By this, I mean, a more tranquil and family-oriented environment.
More Amenities
Finally, baby boomers are moving to the suburbs because they are looking for a place with more amenities. Suburbs often have better schools, parks, and shopping than cities. This can be a major draw for retirees who want to be close to their grandchildren or who want to enjoy the amenities of a small town without actually living in one.
Baby boomers also created a lot of impact by moving to the suburbs:
The Growth of Suburbs and the Decline of Cities
The transformative impact of Baby Boomers on real estate is undeniable. Suburban areas have experienced a 20% population growth since 1990, while cities have seen a decline of 5%.
The Changing Demographics of the Suburbs
This demographic shift is reflected in changing suburban demographics, creating more diverse and older communities.
The Impact on the Economy
The impact of baby boomers moving to the suburbs is also being felt on the economy. As baby boomers retire, they bring their spending power from cities to the suburbs. This is benefiting businesses in the suburbs, as they are seeing an increase in sales and revenue. The suburbs are now home to a larger number of businesses, and they generate a significant amount of tax revenue.
Conclusion
The suburbs are changing dynamically with the trend of baby boomers choosing to move there. There is now more investment into age-friendly communities such as walkable streets, accessible public transportation, social opportunities for seniors, senior centers, fitness classes, and walking trails. There will also be new opportunities for businesses in the suburbs, such as assisted living facilities, home health care agencies, and adult day care centers.
The trend of baby boomers moving to the suburbs is likely to continue in the years to come. As the baby boomer population continues to age, more and more retirees will be looking for a more affordable, peaceful, and amenity-rich place to live.
The most popular suburbs that baby boomers choose to move into are Naperville, Oak Brook, Schaumburg, Glenview, Wheaton, Downers Grove, Elmhurst, Lisle, and Bolingbrook. We highly recommend you invest in real estate here.
Do you want to invest in real estate in the suburbs? Book a free consultation with us here.
