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Many people think retirement is a time to slow down and stay put, but for many seniors, it’s the perfect chance to move. Whether it’s downsizing from a large family home once the kids have left, moving to a better climate, or finding a home appropriate for aging in place, many seniors opt to find a new place to live.
The COVID-19 pandemic has also played a hand in seniors opting to move. The Federal Reserve Bank of St. Louis found that between 2008 and February 2020, the percentage of retirees in the overall population grew nearly 3 percentage points to 18.3%. By August 2021, that share jumped to 19.3%, as the Federal Reserve counted over 2.4 million “excess retirements,” people who decided to retire during the pandemic. That means many more people than usual are choosing where they’d like to live in this next phase of their lives.
For some, that means a new home. Baby boomers—all of whom will be at least 65 years old by 2030, per the Census Bureau—are the largest group of real estate sellers and buyers. Between July 2021 and June 2022, this generational group made up 53% of sellers and 39% of buyers, according to the National Association of Realtors. Comparatively, millennials were the next highest group of buyers, at 28%.
Where this boom of retirees opts to live can significantly affect policy development, community services, infrastructure, and the real estate market. QMedic analyzed Census Bureau data to see how far seniors go when moving out of their homes.
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