Will Florida attract the boomers
We are talking about hundreds of billions of dollars, which drive the “mailbox economy” of the nation and the world around. Owing these mail checks solely to the increasing numbers of boomers turning old, there is a situation to consider here.
Florida has been, by far, one of the most famous destinations for retirements. However, the best of the experts are voicing their suspicions about the upkeep of this accolade. The suspicion underway are that the percentage of boomers investing in Florida will see a decline of 20% within the next two decades, while other more promising places take a bite out of Florida’s own chunk of retirement investors.
Some experts also believe that the number of boomers who stay put where they are will also increase, indirectly effecting the investments in Florida. The reason for this is that boomers are more comfortable in the place they have always been living in, what with factors like friends, family, trusted medical services paving the way. Furthermore, corporate downsizing, showdown in real estate and Wall Street fiasco will all play against the investments by boomers. As Nancy Thompson, spokeswoman from AARP puts it, “The research we have done indicates 9 out of 10 people want to stay where they are as long as possible.”
Further aggravating the situation is the fact that despite the properties devaluating in terms of equity, other concerns such as insurance and interest rates are cutting on the edge, making it tough for any investor to go ahead with the task. The same has rendered the housing boom in Florida turn into shackles.
Meanwhile, Gene Warren, a retirement consultant in Phoenix, also warns, “The boomer parents were sort of sun migrants. They wanted a nice, sunny place where they could sit around and wait to die. However, boomers are not so much sun migrants as they are amenity migrants. What we are seeing is that the baby boom generation took a look at how their parents did their retirement and have decided it is not all that their parents thought it would be.”
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