As time marches on they’ll move the Baby Boomers aside as target real estate buyers of resort property …
Will the majority of retirement age baby boomers move to remote resort locations like Mammoth Lakes, Dillon, Colorado or in recreational areas like Lake Tahoe?
Part Two in a 4-part Series evaluating real estate and consumer predictions as generations transition throughout successive life stages.
Part One: Determinism
For each of the following predictions more current forces may delay and extend the age ranges for the Millennial generation.
But first, what about the Gen X generation?
They “occupy” several life stage demographic profiles.
Recall that the Gen X cohort accounts for roughly 51 million who were born between 1964 and 1980.
By 2015 they range from between age 35 and 50 years old which stretches across
- 30-44 year old Singles and Midlife
- 35-54 year old Families
- 45+ year old Families and Empty Nest Couples.
They have or are just now reaching their “peak spending years,” between the ages 46 and 53. Dent correlates demographic age to real estate segments.
Spending on trade-up homes accelerates from age 35 and reaches a peak by around age 44.
As time marches on they’ll move the Baby Boomers aside as target real estate buyers of resort property …
Sales of vacation property begins to accelerate from age 46 and peaks around age 52 to 55.
The Baby Boom generation conformed except for those members caught by surprise during the Great Recession.
Investment in retirement property begins to accelerate from the late 50s and peaks in the mid-60s.
In 2014 the huge generation numbered 75.4 million.
Born after World War II between 1946 to 1964, their median age 60 years old anchored their range between 51 and 69 years old.
Having moved through all of the other life stage and age segments they now occupy
- 55+ Baby Boomer Couples,
- Empty Nests, and
- 65+ Couples and Seniors
In addition, Dent describes how broad geographical migration patterns significantly influence long-term real estate trends.
Certain areas of the country clearly and consistently have experienced faster growth than others.
For example in 2002 …
The Northeast and the Upper Midwest Plains states have generally been losing population; the Midwest has seen flat or modest growth; and the Southeast, Southwest and Northwest have all been growing substantially.
Will the majority of retirement age baby boomers move to remote resort locations like Mammoth Lakes, Dillon, Colorado or in recreational areas like Lake Tahoe?
No.
Part Three: Who’s Free to Move About the Country?
Steps:
(19) Anticipate the growing shifts in life and business. Nobody wants to swim upstream if the current is moving everything in the opposite direction. Clue your fans in.
An excerpt from Book Five in “The Knowledge Path Series” dedicated to helping you find the place of your dreams in the Sierra Mountain resorts.