There was a great piece in the Wall Street Journal today regarding the attraction for Baby Boomers and retirees to buy homes in Phoenix AZ and other sunbelt states. The article can be found here.
And though I just posted today how an image of how cold it has been here in Phoenix, we really can't complain about our weather. We have some of the best weather in the country which attracts many people to consider buying homes in Phoenix AZ. It is especially attractive to retirees who do not want to battle blizzards and snow storms at the age of 65-plus. And who can blame them? It's one thing to be digging snow out of your driveway at the age of 40 and another at age 75.
Additionally, though home prices have fallen nationally, they have fallen more significantly in areas such as Florida, Nevada, California and - yes - homes in Phoenix AZ are quite reasonably priced as well. Much of this has to do with the larger amount of foreclosures in the sunbelt states than our northern neighbors. However, the point is the same: it's an attractive area, particularly for those who live in colder climates. As the Wall Street Journal states, "for boomers with empty nests, and those nearing retirement, the idea of moving south may be back on the agenda."
But why are people considering buying homes in Phoenix AZ?
The Wall Street Journal went on to further their argument, pointing out that "tens of millions of baby boomers are completely unprepared for retirement." In fact, "according to the Employee Benefits Research Institute, a think tank, two-thirds of workers-and two-thirds of retirees-have saved less than $50,000 for their retirement." That means that retirees in Boston could sell their home (which has depreciated less than other areas), take that equity and consider retirement homes in Phoenix AZ. According to the Accra Cost of Living Index, homes in Phoenix, AZ cost less than half as much to live in as Manhattan, and far less, too, than places like Chicago and Boston.
Phoenix is already a mix of people who have migrated from all over the country. Another migration of baby boomers set to retire could be next. It is a great place to retire! Golf courses and sunshine abound.
If you are considering retirement homes in Phoenix AZ or looking to buy or sell real estate in the area, contact me. I'm happy to help.
Many retirees buy homes in Phoenix AZ that are on golf courses
Comments(1)