Real Estate Fact: A homeowner's net worth is over 30 times greater than that of a renter.
June 17, 2019
Fort Lauderdale, Florida
Sunrise Intracoastal is a beautiful, tropical waterfront neighborhood on a peninsula in Fort Lauderdale. Close to a popular shopping venue and the beach, it has breathtaking water views, tree-lined streets, palatial single family homes, tall condominiums and a suprisingly wide range of home prices.
Asheville, North Carolina
In funky Asheville, peaceful, leafy Lakeview Park is on the northern edge of resident-owned Beaver Lake, once novelist Thomas Wolfe's stomping grounds, and has classic early- and mid-20th century homes, meandering lanes, a 10-acre bird sanctuary, a golf course and more.
Trendy Ballard sits next to Puget Sound's beautiful Shilshole Bay and is one of Seattle's most popular neighborhoods, with eclectic architecture, a fun farmers' market, fashionable eateries, hip indie shops and stunning water views.
St. Petersburg, Florida
On the northeastern edge of St. Petersburg, Shore Acres is a waterfront neighborhood bounded by Old Tampa Bay and Smacks Bayou. Real estate includes everything from modest concrete block bungalows to magnificent waterfront estates. Shopping and other amenities are close at hand, and prices come in a wide range.
Charleston, South Carolina
Just five miles from romantic downtown Charleston, Byrnes Downs is a cozy, quaint neighborhood with tree lined streets and darling brick cottages from the 1940s and 1950s. Medical facilities, a greenway and fun shops are within walking distance, making this quiet neighborhood a favorite with retirees and others.
One of Tucson's oldest neighborhoods, charming Sam Hughes is named after an early civic leader and boasts beautiful homes, palm-lined streets, an active community association, a lovely library and more.
Davis Islands is an archipelago that was dredged from swampland in the 1920s by a playboy known as Florida's "Great Gatsby." It is just south of Tampa, connected to the mainland by one bridge, and has no stop lights. It does have some lovely homes, though, and the feel of a walkable village.
Boomers are Looking for an Urban Retirement
It turns out that not all empty nesters and boomers want to retire in a suburb or small town. Many are opting for retirement in an urban setting, seeking a change of pace in this new era of their lives.
Modern urban cores have been developed primarily for millenials, but more and more real estate agents are finding that nearly a third of apartment and condo buyers are in their 50s, 60s, 70s and beyond. Inventory is plentiful because even though trendy developments market to millenials, many in this demographic are saddled with student loan debt and cannot afford to buy real estate. Many boomers can.
So what is the appeal of urban living in retirement?
One, city neighborhoods are usually walkable, with amenities right down the street. Buying groceries, picking up prescriptions and going to the theater do not mean a long automobile trip, something people appreciate as they age.
Concierge services are more available in a city center than in a suburb or small town. Don't want to do the laundry? Call the laundry down the street for a pick up. Not up to walking the dog? Call a neighborhood dog walker. Hungry but don't want to cook? Nearly any eatery in a city will now deliver.
Medical care is often more accessible in a city than in a small town. Hospitals are usually closer in and ambulance services respond faster just because there are more of them.
Retirees who live alone in the suburbs and who no longer drive can start to feel isolated. In a city, libraries, museums and more are close at hand. If they are not within walking distance, a cab or an Uber is just a call or a click away.
A city never sleeps. There is always something to do, keeping aging boomers more engaged in the community around them.
Of course, retirement in a city has some downsides. Parking is always an issue - but who really needs a car in a city, anyway - and crime rates are usually higher than in suburbs and small towns. But if you choose the right city neighborhood, an urban retirement has a lot to offer.
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