Boomer retirement housing preferences shifting
The classic image of new retirees making a bee-line to Florida or the Sun Belt to live out their lives is sun-drenched comfort is increasingly a thing of the past.
Among U.S. workers age 55 and older, almost two-thirds -- 62 percent -- think that when they retire they will continue to live in their current state of residence, according to a survey by the Pulte Group, parent of Del Webb, a builder of adult retirement communities. That's up 20 percent from a similar survey taken just two years ago.
One important reason for this shift is the redefinition of retirement, as more and more Americans move away from the traditional definition of "all play and no work" during their retirement years to start second careers or continuing to work in some manner. In fact, 50 percent of the respondents to Del Webb's survey report that they work part-time or are starting new businesses or careers. As a result, the builder is establishing more communities outside the Sun Belt states and close to metropolitan areas such as Chicago, Detroit, and parts of the Northeast.
The survey also shows that 43 percent of respondents plan to retire and stay in the same city where they currently live; only 35 percent plan to retire and move to a different state. Just 32 percent want to live within 20 miles of their children or grandchildren upon retirement, again underlining many retirees' interest in continuing to work.
http://www.cbsnews.com/8301-505146_162-57486192/boomer-retirement-housing-preferences-shifting
There are far fewer workers in the Midwest and Northeast who have defined-benefit pension plans. These were the folks who fueled the retirement community real estate booms in Florida and Arizona.
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