Baby boomers face a number of issues when it comes to retirement. For example, they were already well into their working careers when the retirement landscape changed from pension plans to 401(k) plans, missing the full effect of long-term compounding returns. Many also experienced the financial crisis and plunging stock market on the eve of their so-called golden years. However, boomers continue to make adjustments so they enjoy their retirement years as much as possible.
Realtors aren’t the only ones who care about location. A new report from RealtyTrac finds that boomers are flocking to ocean breezes that come with affordable prices. Each of the five most populated boomer metro areas in the nation is near water and has a reasonable median home price relative to the rest of the market. This is not too surprising, given that boomers have struggled to save for retirement. In a report released last year by the Transamerica Center for Retirement Studies, the median nest egg for boomers totaled only $127,000.
Let’s take a look at the top five large metro areas in the United States with the largest boomer populations, according to RealtyTrac. Keep in mind that this list is not necessarily where you should retire but rather a starting point to help realize your own top destination.
5. Myrtle Beach-Conway-North Myrtle Beach, S.C.
The Myrtle Beach metro area ranks fifth with a boomer population of almost 271,000, representing 28.72% of the overall population. The median sales price of a home is the second highest on the list at $216,300. Nonetheless, Sperling’s Best Places finds that Myrtle Beach’s cost of living is 6.8% lower than the national average. Recreation activities, entertainment, and job growth are some of the major benefits for residents, while others may find it lacks in arts and cultures.
4. Deltona-Daytona Beach-Ormond Beach, Fla.
Florida appears three times among the top five locations. The Deltona metro area ranks fourth with a boomer population of 496,000, representing 29.14% of the overall population. The median sales price of a home is only $120,000, the lowest on the list. However, the median income is also the lowest on the list, at $41,554. This could be a significant factor considering that many boomers plan to hold some form of employment during retirement.
3. Portland-South Portland-Biddeford, Maine
Breaking from the traditional sunshine locations, the Portland metro area ranks third with a boomer population of 515,000, representing 29.15% of the overall population. The median sales price of a home is the highest on the list at $239,900. Despite the high home prices and harsh winters, Sperling’s Best Places ranks Portland as the fourth best city for foodies, as well as the fifth most secure place to live in the country. It’s also recognized for having an educated population and historic interests.
2. Sarasota-Bradenton-Venice, Fla.
Florida rounds out the top two spots on the list. The Sarasota metro area ranks second with a boomer population of 705,000, representing 29.28% of the overall population. The median sales price of a home is $168,000. Summers are hot and humid, but the Gulf of Mexico is available for boomers wishing to cool down. Siesta Key Beach is regularly recognized as one of the best beaches in the country, with sand that is 99% pure quartz. It was also recently named as the sixth best beach for families by National Geographic.
1. Palm Bay-Melbourne-Titusville, Fla.
The Palm Bay metro area ranks first in the nation with a boomer population of almost 544,000, representing 29.79% of the overall population. The median sales price of a home is $123,900. Residents typically enjoy the climate, water recreation activities, and low cost of living. In fact, Florida is one of seven states that do not impose an income tax. However, costs are on the rise and crime rates can be an issue. Florida is also no stranger to hurricanes.
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