Senior Spotlight: Cities Where Baby Boomers Own The Most Homes

Check Out Where Baby Boomers Represent Over 40% Of Homeowners

It’s November, and the unpredictable nature of 2020 continues. In recent weeks, we have covered the surprising optimism of seniors in retirement despite the pandemic market impacts, the wealth gap that exists between generations and what Baby Boomers really want in senior housing. This week, we wanted to share some just-released information about aging in place trends, as revealed by Money Talks News.

The recent read titled “Baby Boomers Dominate These 15 Housing Markets” emerged last week and was inspired by a 2018 AARP survey that indicated 76% of those over aged 50 planned to stay in their home. Similarly, the article cited US Census Data reporting that the share of homeowners over the age of 55 has steadily increased. In follow-up, Money Talks News used data from the U.S. Census Bureau 2019 American Community Survey One-Year Estimates and the Zillow Home Value Home Index to determine where Boomers dominate the housing market and what the median home prices are in those areas.

We have listed the findings for the California cities below and encourage you to read the article in full to see the entire list of 15 cities! 

LOS ANGELES

-         #15 on the list

-         40.9% of homeowners are Baby Boomers

-         Boomers make-up 18.3% of the population 

-         Median home price is $764,528

SAN DIEGO

-         #9 on the list

-         42% of homeowners are Baby Boomers

-         Boomers make-up 18.8% of the population

-         Median home price is $695,184

ANAHEIM

-         #7 on the list

-         42.3% of homeowners are Baby Boomers

-         Boomers make-up 18.6% of the population

-         Median home price is $655,039

LONG BEACH

-         #4 on the list

-         44.2% of homeowners are Baby Boomers

-         Boomers make-up 19.7% of the population

-         Median home price is $635,289

While the data can be viewed from many perspectives, we see two associated take-a-ways. Baby Boomer-dominated California cities in California are related to home prices. Note that as you move up the list, the median home price bets lower. Similarly, none of Golden State’s cities with top Boomer homeownership rates are in Silicon Valley. That is not surprising given our median home prices and the needs of retirees to balance quality of life with a financially feasible lifestyle.

Would you or have you chosen to age in place in Silicon Valley? Do you want help weighing the pros and cons of deciding to stay or go? As always, let us know if you want to chat, check-in or ask any questions about the market as it pertains to your goals.