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Boom of
UrBan Boomers
It’s more noticeable now than in the past,
but it’s a common cycle of migration. Young
people grow up in the suburbs, dream
of working and living in the city and then
move back to the suburbs when they start
families.

Concierge services: New urban seniors are
looking for some of the same conveniences
they had in the suburbs, so some complexes
in the city are adding services such as dog
walking, party planning and massage
therapy to their offerings. These amenities
have cross-generational appeal, of course,
Or do they? Millennials seem content to stay and are not exclusively directed at seniors.
longer and raise families in the city these
days, and are more inclined to purchase More room: Younger urban dwellers are
vacation homes than homesteads. A new fine with one- or two-bedroom homes,
phenomenon is taking place with their but older residents tend to be used to
elders, however: empty-nester boomers large, multi-room homes and have visiting
moving out of the ‘burbs and back into the children and grandchildren to consider.
cities. As Realtor.com reports, these reverse They’re also working longer, so offices and means restaurants, hair salons, boutiques,
migrations are changing the face of urban multi-purpose rooms are more important shopping or theaters, new mixed-use
developments are popping up in urban
neighborhoods.
to them than their younger counterparts.
areas with these ideas in mind.
According to statistics, boomers are the Elevators, not stairs: For apartments or
largest and wealthiest generation ever to townhomes, the return of elevators — All these amenities come at a price, of
retire. So it makes sense that they’d find even between two floors — is not an course, so if you’re a boomer considering
themselves unsatisfied with homes too big unreasonable option. For those with limited returning to the city for convenience,
and empty to maintain and long for the city mobility, this convenience is a huge factor. expect to pay a premium. However, most
of these urban upgrades are as affordable
life of their youth. Add to that the attraction
Showplaces:
Showier
entertainment
areas
as
the much-larger, more-expensive-to
and entertainment options, along with the
are
attractive
to
older
people
returning
-maintain homes most new seniors are
ease of accessing health care, and you have
to cities. Developers get the message and moving from, so the cost difference might
a boom of boomers returning to the city.
are ushering in renewed looks for wet bars, be negligible.
So what does a newly minted baby wine rooms, closets and other comfy nooks
Whatever your needs are, it’s wise to retain
boom senior seek in the city? If you’re in with which boomers are familiar.
a local real estate agent to help identify
this increasingly popular demographic
of seniors migrating to the city, here’s a Services: Older residents returning to the your needs to ensure a smooth transition
few things to consider when exiting the cities are also looking for an abundance of back from the comforts of the suburbs and
suburbs.
services and ease of access. Whether that back into the bright lights of the city.

Real Estate 101
Trading places
Sedate retirement communities aren’t for
every senior. Some want to return to the
excitement of their youth, but with more
comfortable living and amenities. For a look
at how this works for still-working seniors,
check out this article on MarketWatch at
https://on.mktw.net/2Ep26o6.

Homewise Glossary
Prepayment Penalty: A fee charged when
a borrower pays a mortgage in full prior to
the agreed upon date. The note and deed
would advise of any such penalty.
Source: MLS.com

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