Some Real Estate Markets Will Suffer With Retiring Baby Boomers
Posted January 18, 2008
Over the next twenty or so years, millions of aging baby boomers will put their homes on the market. As a result, there will be downward pressure on real estate prices. Plus, their exodus will reshape neighborhoods and cities coast to coast, according to recent research.
Some states are already beginning to feel the trend and as a result it’s harder for those areas to recover from the real estate recession — a phenomena which isn’t expected to bottom out until the second half of this year at the earliest.
Specifically, in six states, Connecticut, New York (excluding Manhattan), North Dakota, Pennsylvania, West Virginia and Hawaii, the trend is most pronounced because of those areas’ cold weather and traffic congestion, which tend to drive retirees away from home, condo and apartment ownership.
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