Baby Boomers is a term used to describe the generation of people born between 1946 and 1964, a demographic that came before the Generation X but after the Silent Generation. This period after the Second World War saw a great increase in birth rates, which resulted in what was called the generation of Baby Boomers. Today, Baby Boomers are reaching their retirement age and looking for places to settle in and live peaceful yet active lives. According to the data from the US Census Bureau dating back to 2016, there were around 74.1 million Baby Boomers in the United States. To give you an idea of how many people that is, we are talking about 28% of America’s whole population. Today, this generation is partially responsible for the huge growth of interest in the Las Vegas real estate market. The increased demand for Las Vegas housing comes from the fact that Las Vegas is among the top cities best suited for retirement. With thousands of Baby Boomers getting into retirement each day, a large portion of them are looking for opportunities to move to the state of Nevada.
California currently has more Baby Boomers than any other state in America. However, Las Vegas and the whole state of Nevada for that matter have seen a huge influx of population with thousands of Californians moving from their home state due to high taxation. They’ve found Las Vegas to be their ideal location because of the tax benefits and low costs of living the city offers by using tools such as the Las Vegas mortgage calculator. Today, 30% of the homebuyers on the Las Vegas real estate market are in fact Californians, a majority of them being members of the Baby Boomers generation. Furthermore, as we learned from the same source, 80% of Baby Boomers are homeowners, but that doesn’t mean they aren’t likely to settle on renting housing options. In fact, a lot of Baby Boomers are settling for condos in Las Vegas because of the numerous benefits that come with them, such as maintenance-free community pools, fitness rooms, and various other amenities.
As for the portion of the generation that actually owns homes, many of them have placed their properties on the market for the purpose of downsizing. According to the Review-Journal, many Baby Boomers are selling their properties, especially larger homes and mansions, for the sake of downsizing and the location they most commonly choose to settle in is Las Vegas. Many of them have stated that the reason they choose to downsize is because there comes a certain time in life where a big house is more of a burden than a luxury and all that space is just making it difficult to deal with daily activities. Besides, downsizing comes with many other benefits for Baby Boomers. For example, they can make a savings, gain a lot of extra capital for possible investments, while the younger ones can find a more appropriate, smaller home that would allow them to take time off and travel more frequently. While Las Vegas, in general, is very high on their list for downsizing, the master-planned community of Summerlin happens to be their most targeted location.
Today, 30% of the homebuyers in the Las Vegas real estate market are Californians, a majority of them being members of the Baby Boomers generation.
The large number of 55+ retirement communities is one of the main reasons why Baby Boomers are moving to Las Vegas. With over ten world-class active adult communities, Las Vegas keeps attracting retirees from all over the States. These 55+ communities offer more than just luxurious and modern housing. Each community features world-class amenities, including pools, fitness centers, easily accessible medical centers, educational facilities as well as access to hundreds of activities and classes the residents can attend. The master-planned age-restricted communities of Las Vegas offer the residents safety within guard gated entrances, as well as a variety of services and amenities. Among the most popular Las Vegas communities for retirees are Sun City Summerlin, Sun City Anthem, Sun City Aliante, and Sun City MacDonald. Besides the beautiful landscaping and suitable weather conditions all year long, there are other benefits to living in Las Vegas, including tax advantages and low crime rates. While Las Vegas is ranked one of the safest cities in the United States, is safe from both crime and natural disasters, let’s not forget it has no income tax, which is a benefit that attracts most Baby Boomers to this area.
Furthermore, it’s important to mention that a lot of Baby Boomers are moving to Las Vegas because of interest for work. According to Small Biz Trends, many Baby Boomers have shown interest in working for small businesses located in Las Vegas, Nevada, compared to other major states such as California. Again, the reason why they would rather settle for Las Vegas businesses is because the state of Nevada has zero income tax, while California is known for the highest taxations in the United States. Overall, Las Vegas is the most economically profitable location for Baby Boomers to move to and it truly has a lot to offer in terms of master-planned communities, safety, facilities and world-class amenities.
According to Homesnacks, Las Vegas is ranked in the top ten best location to move to after retirement, due to its extremely low crime rates and the low costs of living. With an average of ten thousand Baby Boomers entering retirement every single day, we can expect huge numbers of people to look for housing in Las Vegas, which will make the real estate market even more crowded than it is. However, the sudden growth of population can only be seen as a positive outcome of all the efforts placed in the development of master-planned communities in the city of Las Vegas.