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This city ranks first for retirement with baby boomers

This city ranks first for retirement with baby boomers
Posted at 11:10 AM, Jan 18, 2024

When it’s time for American seniors to embrace their golden years, they’re decamping to America’s Playground.

A 2023 report by the Bank of America Institute showed that among homebuyers born between 1946 and 1964, Las Vegas is the biggest draw in the U.S. Folks are leaving larger cities and heading for sunshine, lower costs of living and vibrant social scenes — and Vegas checks all three of those boxes.

It’s part of the continuing trend of Americans increasingly relocating to Western and Southern states. While Florida is the top state attracting new residents of all ages, fabulous Las Vegas is the major city baby boomers choose for retirement.

Las Vegas sign with Strip in background

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Also at the top of the list are Tampa, Orlando and perennial retirement hotspot Phoenix. Younger generations, according to the report, prefer Austin, Texas — a city that boomers are largely leaving. (Millennials also seem to like Cleveland, as their presence in that blustery Rust Belt metropolis has risen by 6% since 2020.)

Where are all these people coming from? According to the report, the cities seeing the largest outflow of residents include Washington, D.C., New York and San Francisco. That’s true across all the studied age groups.

So, why do boomers love Vegas? For one thing, they’ve got the money to move there. The analysis cites Federal Reserve Bank data showing baby boomers hold eight times the wealth of the next-largest cohort, the millennial generation.

Late last year, the median home price in southern Nevada rose to $450,000, putting it out of reach for many younger homebuyers.

View of the Las Vegas Strip from far away

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It’s not that there’s something uniquely attractive to Boomers about the city of Las Vegas. Bank of America notes that retirees tend to flock to friends and family; they may be lured to the Vegas area by loved ones already in town. Like other boomer-favorite cities, southern Nevada features an array of age-qualified communities.

Plus, with average winter temperatures hovering around the 60s and low 70s (Fahrenheit), folks can enjoy outdoor activities year-round — always a plus for the active senior.

Viva Las Vegas, grandma!

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