Whether it’s in the
Sunbelt or the Rustbelt, a move across the street or across the nation, Baby Boomers
are still willing to move to a new place when they retire.
Del Webb is America’s largest builder of active adult communities.
Targeted to those ages 55 and older, its 50+ communities are currently open
for new home sales in 21 states. Del Webb has conducted 10 Baby Boomer surveys
since 1996 seeking to better understand the attitudes and opinions of this generation
– the current and future customers of Del Webb communities.
"Retirement marks a new phase in a Baby Boomer’s life,
and it only seems natural to relocate or move to a new home when they transition
away from their primary career, or from the day-to-day rearing of school-aged
children," said Deborah Blake, Del Webb creative director. "After
all, when Boomers went off to college, they lived in a new place – a dorm or
an apartment. When they married, they lived in a new home, most likely moving
several times to different states for a job. Today, Baby Boomers are even purchasing
their home before they actually retire.
Whether staying close to home or moving across the country,
there are many options for them as they plan their future home in retirement,"
added Blake.
According to the Del Webb survey, nearly a third of older Baby
Boomers plan to move in retirement, with more than 50 percent planning to move
to a different state, about 25 percent of them planning to move to a different
city within the same state, and less than 20 percent of older Boomers planning
to move within the same city.
Additionally, the desire to move during retirement is on the
rise among today’s younger Boomers surveyed, with 42 percent of those turning
50 in 2010 planning to do so, as compared to 36 percent among 50 year- olds
in 1996.
Staying Close or Moving Far.Where are Baby Boomers Planning
to Move to?
For today’s 80 million Boomers, the choices vary on where to
spend their retirement years. During its 50-year history, Del Webb has found
that some consumers choose to retire in place, in the city where they currently
live and, potentially, near family and grandchildren. Alternatively, some consumers
seek warmer climates such as those found in Arizona and Florida.
According to the 2010 Del Webb Baby Boomer Survey, the Carolinas
have emerged as the preferred destination for retirement, while perennial favorites,
Florida and Arizona, remain top contenders. Both younger and older Baby Boomers
ranked either South or North Carolina first as their preferred location in retirement–with
the other Carolina ranking as their second choice. Del Webb currently has six
communities in the Carolinas, with five of them opening since 2006 to address
this interest in the region as a growing retirement destination.
"There is a huge opportunity to serve this demographic
not only in destination locations, but in their own backyard," said Steve
Petruska, chief operating officer of PulteGroup, Inc. (Del Webb is a brand of
PulteGroup). "While many of them look for a highly amenitized community,
some consumers want to be close to urban amenities. These consumers want their
community to be located near shopping/retail, restaurants and cultural amenities
in the area, or near their family, church and friends. With Del Webb’s diverse
product offerings and community locations, we are poised to capture this growing
demographic."
Factors in Moving
Among Baby Boomers looking to move, the most important factors
in deciding where to relocate weighed heavily towards an area’s cost of living
and access to preferred healthcare programs, 81 percent and 66 percent for the
younger Boomers. Surprisingly, cultural and recreational amenities, as well
as a more favorable climate, ranked higher than being close to family members,
including parents, children and/or grandchildren.
For current Del Webb residents, those who plan to move again
consider both access to healthcare and cultural/recreational amenities as the
most important factors at 71 percent, with the cost of living a concern among
70 percent of these respondents. Being close to their grandchildren ranked second
to last in consideration at 44 percent.
According to Blake, this survey confirms that Baby Boomers want,
need and do lead an active social life. "Their day planners are more scheduled
today than ever before and they would have it no other way," she said.
"They want to take their hard-earned money and stretch those dollars in
a community that gives them confidence, not only in the stability of the market,
but also a vibrant life. It’s great if that community is near their children
or grandchildren. But, if it’s not, that’s okay, too."