By Julie E 
(Credit: Getty Images)
The Baby Boomer generation’s preferences for retirement locales are taking interesting shapes as they approach retirement age in 2030. According to a recent Bank of America survey, Baby Boomers are moving away from the calm suburban existence that used to define retirement and into lively, activity-rich cities.
The Home Buyers and Sellers Generational Trends study from the National Association of Realtors states that Baby Boomers are now the largest group of homebuyers, surpassing Millennials. Between July 2021 and July 2022, 39% of homebuyers were Boomers, compared to 28% for Millennials and 24% for Gen X.
So where are Baby Boomers deciding to call home? The response is obvious: Las Vegas. The city has become the most popular retirement destination for Baby Boomers, with Tampa, Florida, coming in second. Why is Las Vegas such an allure? A 2023 analysis conducted by financial services business Empower identifies a number of important factors:
Affordability: When compared to other large cities, Las Vegas provides a lifestyle that is more affordable.
Benefits related to taxes: There is no inheritance or estate tax in the city, nor is there a state income tax.
Sunshine: When it comes to average annual sunshine, Las Vegas is well-known for having an abundance of it.
Access to Healthcare amenities: The city offers easy access to medical amenities.
Entertainment: Las Vegas’s thriving entertainment scene guarantees retirees never get bored.
Still, there’s a catch. Similar to several American towns, Las Vegas is facing a scarcity of reasonably priced housing, which may provide difficulties for certain retirees in locating appropriate accommodation. The head of the Las Vegas Realtors, Lee Barrett, highlights that there is not enough inventory to support the market’s present high pricing.
Baby Boomers also highly value Florida locations like Tampa and Orlando for people who are having difficulty finding cheap housing in Las Vegas. These places are appealing substitutes since they provide comparable advantages like tax breaks and pleasant weather.