By DeeinAustin™
Empty Nesters are moving to cities like Austin and Las Vegas in droves, keeping the local economy afloat in during the current recession while growing housing demand.
Empty Nesters are couples whose children no longer live at home. They're often members of the Baby Boomer generation, between 55 and 64 years of age. Baby Boomers have made huge impacts on health care and real estate due to the fact that there's going to be about 78 Million of them.
Both Empty Nesters and Boomers are mobile and unafraid of change. In their lifetimes, they experienced America sending a man to the moon, the advent of the television and internet, and huge swings in retirement planning.
Top Three Reasons Why Empty Nesters and Baby Boomers are Hot for Austin Real Estate
Baby Boomers and Empty Nesters typically move to Austin and other areas for a few reasons. They often want a better climate, to be closer to family, to downsize, or to cash in equity on their current home.
They are part of the Boomerang Buyer phenomena that I've seen in Austin, where buyers come back to live in their home town, bringing a more worldly housing perspective with them.
1. We're Affordable. Boomers and E-Nesters may not have much saved for retirement, but many own homes. As mentioned, they're downsizing, but they can buy a 2000 square foot home in Texas for less than $250,000 if they'd like. Like Boomerang Buyers, they want offices or worskshops and guest rooms. In parts of California, Washington and Florida, for instance, they'd spend 2-4x for similar features.
2. We're Growing. Forbes, Between 1990 and 2005 the population of 55- to 64-year-olds increased 128% in Austin. Boomers and E-Nesters value real estate growth and appreciation. They know that Texas is a great place to be if you're growing a business or desire a home that won't depreciate like other U.S. cities.
3. We're Fun. Austin consistently tops one of the best places to live for all ages. Golf, boat, go to the lake, shop, hang out at cool coffee shops, and experience Austin without standing out in the crowd unless you want to.
Austin Boomers and E-Nesters may want a cool condo downtown, golf or lake community, master-planned community, farm or acreage, or to live in the suburbs. No matter their reason for moving or remaining in Austin, they're a noticeable part of our vibrant culture.
WANT TO READ MORE? CHECK THESE RESOURCES OUT
- SEARCH over 7000 Austin Homes and Condos Listings.
- Boomerang Buyers Dominate Central Austin Real Estate.
- Why Grandma is snatching up all the Downtown Austin condos.
- How's the Austin Real Estate Market? Check out the latest update.
- Link: Top Towns For Empty Nesters - Forbes.com.
- Four Texas Cities Top Population growth in U.S.
- Boomers cash in on Eagle Mountain Reserve in Texas Hill Country.
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