A report by realtor.com found that a growing number of baby boomers are changing the notion of retirement, as they seek to live their golden years in urban areas that have walkability, culture, and public transportation—many of the same traits sought by millennials.
Realtor.com says the largest generation ever is set to retire, approximately 74 million—10,000 people per day are hitting the age of 65.
"Many boomers recognize that cities are a great place to age," says Daniel Levine, Founding Director of the Avant-Guide Institute trends consultancy. "Everything is often within walking distance, from restaurants to hair salons. Add the plethora of cultural activities and aging in the city is sort of like one big retirement home.
"America's cities are dynamic engines of change,and boomers are as much as part of that as younger generations."
The top market on the list for boomers is Tuscon, Arizona, with its average home price of $290,000. Tuscon also offers a surplus of 65-plus retirement communities, with an active downtown, biking and hiking trails, and public transportation. The area is also home to one of U.S. News & World Report’s top 50 hospitals in the nation.
Following the desert market is St. Louis, Missouri, which has a median-home value of $209,000. A caveat for St. Louis, according to realtor.com, is that it ranks higher in overall crime than most U.S. urban areas. However, the report states there are many areas that offer single-family homes for less than $300,000.
Following those top-two markes was Tampa, Florida; Denver, Colorado; Atlanta, Georgia; Las Vegas, Nevada; Albuquerque, New Mexico; Portland, Oregon; Sacramento, California; and New Orleans, Louisiana.
A report in March by Rent Cafe studied the top markets for baby boomers, and fellow Arizona market Phoenix came in at No. 2. Markets included in that list were Austin, Texas; Fort Worth, Texas; Jacksonville, Florida; Charlotte, North Carolina; Dallas, Texas; and Houston, Texas.