When the COVID-19 pandemic hit last year, many seniors realized that 2020 is a good year to mark their retirement and finally take a step back from the crazy and chaotic world of business and work in general.
According to Pew Research Center, at least 28.6 million baby boomers drop their jobs during the third quarter of 2020 alone. Some of these elderly people lost their jobs due to the pandemic and gave up looking for another job to avoid getting the virus.
According to Real Estate Consulting chief demographer Chris Porter, other seniors just realized the lockdown and quarantine is the perfect time to live their life to the fullest.
"They said [they were] going to retire in a year or two anyway, and now it just seems like the right time," Porter told realtor.com.
The pandemic also encouraged baby boomers to sell their primary homes and move to a more affordable location.
"Retirees might be able to cash out on pretty significant equity in their homes, and find something more affordable or maybe find something better for the same price in a location that's generally more affordable," Porter explained.
He added that the majority of the elder retirees are moving to a place closer to their adult children or grandchildren.
But where exactly these baby boomer retirees are going? Based on the data accumulated by real estate website, below are the top 5 US retirement towns preferred by senior retirees:
Lakeland, Florida
This city in Central Florida is one of the top favorite spots for elderly people. Besides being located near Orlando and Tampa, beaches are just about an hour away from this city. Seniors preferred retiring in Lakeland due to its open areas for recreation suited for their age like walking, biking trails, skiing, fishing, and boating.
The city is also rich in community amenities like golf courses, tennis courts, community pools, patio homes, mobile-home communities, and more.
Home prices in Lakeland are also more affordable compared to Orlando with median home price of $320,050 and Tampa with $302,400.
Traverse City, Michigan
Nature lover retirees are the top market of Michigan. Here they can spend their golden years in public beaches, state forests, ski resorts wineries, and more nature-friendly activities.
They are also drawn into the architecturally diverse community with houses ranging from single-family Victorian homes, to beachfront house, cabins, and modern architecture. Retirees can purchase a home here for $200,000 or less.
Springfield, Massachusetts
Despite having a record of crimes and urban decay, Springfield is making a comeback which appeals to more retirees. Aside from the affordable cost of living, the state doesn't also tax Social Security benefits or government pension income. Seniors also have a wide option for a retirement home with prices ranging from $214 ,999 to $346,000.
Coeur d'Alene, Idaho
While it is considered as an expensive retirement destination, some seniors still choose to spend their golden years at Coeur d'Alene due to the beautiful river and mountains surrounding the place. Spokane International Airport is also just an hour away, making it easier for families and relatives to visit their elderly loved ones.
The city also boasts a good condo community, but retirees can also find other types of homes like a farmhouse-style bungalow with a $359,250 price tag.
Wilmington, North Carolina
This port city boasts a nearly perfect year-round weather that retirees can enjoy. The so-called "Hollywood East" is also rich in shopping malls, dining areas, and cultural attractions for senior activities.
The cost of living is definitely affordable. A spacious house with a view could only cost $251,900 and it is located in a community with amenities like beach access and swimming pools.
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