Secrets Why Baby Boomers Buy Homes in Boca Raton and Fort Lauderdale

Posted by Boca Raton Luxury Home Specialist on Friday, February 26th, 2016 at 8:08pm.

BABY Boomers Boca Raton

Ask just about anybody who falls into the ‘Baby Boomer’ age bracket where they'd like to buy their next property investment and they just might tell you South Florida is on top of their list. This age group continues to invest in homes in our area and it’s not just because of the weather. Less of this population focuses on the 'happening' city of Miami due to noise and crowds. But plenty of them are looking in places like Fort Lauderdale and Boca Raton as a premier destination for second homes and retirement. When it comes to seeking luxurious homes, here's some secrets we've learned about this age group, you may not have thought of.

By the year 2029 over 17% of the population will consist of Baby Boomers.  According to a report done by Deloitte, (a professional firm with interest in audits, taxes and financial solutions) by the same year of 2029, this population will own more than $26 trillion dollars in assets. Many of these folks are seeking new places to live as they’re downsizing from country club settings into more modest living such as luxury condominiums or smaller waterfront mansions.

Recently on the market, a home worth $17.7-million-dollar was sold to a baby boomer in the Fort Lauderdale area.  The 13,000-square foot was purchased by the couple because they weren’t interested in the crowded living they would get living in a bigger city like Miami. We're hearing this as a common theme among this age group more frequently than in years past.  The people the larger cities attract are more millennials and gen-xers.

This generation is far different from Generation X because unlike the liberal group of Gen X, boomers are looking for convenience. They want to be in more of a community setting, they want to live in walking distance to their homes and they have a higher need for security.

These folks are living longer and retiring later in life. Seeking the property that they’ve always wanted is more important to them than living in the "happening" cities. They no longer have to commute to work so there's no need for living near their offices. This area offers something different for them to look forward to.

The other secret of moving to this area, is that many of them want to make their retirement dollars last longer. There is no personal income tax in South Florida so they can levy the money they’d save by not having this extra expense.

personal tax

Another slice of logic is the mortgage rates seem to be holding steady with lower interest since the big bubble burst in 2007 and reaching an all-time low in 2012.  Now that rates have remained stable, there’s a wave of retirees selling homes in the North and moving down to the Sunshine state before rates rise again. This may not be a secret but this is certainly a reason to move sooner than later.  They also want to move on with life making this an ideal time to re-locate.

This generation enjoys having a good time with their friends. Many of them are seeking properties in Country Club settings that offer organized activities or have resort-style neighborhoods.  After working for most of their adult lives they’re ready to enjoy each day and being social with friends seems to be satisfying to them.

A country club such as Woodfield in Boca Raton has been recognized as a “5-star Platinum Club of America” and has an average age of 49. While any age is welcome, this community is looking to attract families as well as seniors. They offer a welcome environment for both adults and children and have regular scheduled activities both on-site and off. Many of the residents would claim this to be ideal since they have the ability to enjoy the company of others and not feel so secluded. This population also loves to meet new people and travel to new destinations giving them the type of groups they enjoy most.

One common theme we hear among this group is both Boca Raton and Fort Lauderdale are quintessential in meeting their lifestyle because of the traveling they do. These active travelers anticipate taking between 4-5 trips per year and with the convenience of major airports nearby both areas give them the advantage.  Places such as Fort Lauderdale are a hub for cruise ships and hospitality also makes this appropriate for world travelers.

Something else to consider is, baby boomers are ready to relax.  They plan their personal life around their leisure time.  From Orlando to Key West, there's currently over 1,500 golf courses in Florida. Making this a prime location for those wanting to hit the green.

We're also surrounded by blue waters being a peninsula making this one of the biggest boating communities on the planet.  Boomers love to spend their hard earned money and aren't afraid to show off a life well-lived no matter what year they were born.

People born between 1946 and 1964 are considered baby boomers.  That being said, we know that these folks will need health care. This generation will not only seek medical attention, but they want the right to choose what type of health care they get. South Florida is a mecca for people retiring and the providers of health care services know where they should market. The baby boomers have more opportunities when it comes to optimizing health because of the amount of providers.

According to the American Hospital Directory, there are 215 hospitals in the state of Florida. Many of the state's medical facilities are motivated to research and finding cures to some of the most complex of diseases. Places like the Sylvestor Comprehensive Cancer Center are dedicated to their patients as well as the research they do. Florida offers a large community of people driven to preventing disease. Baby boomers want to be where they have fast access to this type of care if they need it.

According to an article from U.S. News Magazine places like Japan and Europe have more seniors than we do in the states. Whether that’s true, isn’t the issue.  More people are living longer today and this generation can attest to living longer is ‘hands over fist’ very real. Every year, the U.S. Consumer Expenditure Survey shows adults 55-64 outspend the average consumer in nearly every category, from food, household furnishing, entertainment, personal care, gifts, etc. These seniors have a taste for the finer things in life and aren’t afraid to show it. Yet another point that living in the Southern Florida Region allows the elderly to have access to luxuries in life before they’re too old to enjoy it.

Seniors

The architecture is phenomenal, making this a prime location for those who know how to enjoy their money. Many boomers spend what they want and like their home to be a place they're proud of. Living in an area where art, design and culture surrounds you, is no secret, but it is a good reason to want to call it home.

Of course we've mentioned some secrets revealed by the Baby Boomer generation and we’re sure there are many more.  But the biggest reason that this population chooses to buy homes here more than any other point is because they can and that's what makes them happy.

If you’d like to learn more about properties in and around the Boca Raton area, please contact our offices and speak to one of our luxury specialists.

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