Need to earn keeps over-55 set close to metro areas

Where are people over the age of 55 deciding to spend their later years?

Nearly three decades ago, Lee Fisher, a researcher and mortgage specialist, began to write a compelling evaluation of where retirees preferred to relocate. Historically, at the center of most decisions was the presence of an adult child, grandchildren and the need for an excellent community hospital.

The need for the hospital remains, but adult children no longer “stay put” as they did in previous generations. Fisher’s group went on to develop a program to attract urban retirees of moderate means to areas that welcome their presence, providing a more stable base to the community’s economy.

That’s not a bad sales pitch: Rejuvenate your town by luring interested, wise, talented, and creative individuals and the significant financial assets that come with them. The idea would make sense to seniors as well: Why gamble by moving across the country to be with your grandkids when your children could relocate at any time?

If the grandparents really want to spend quality time with the grandkids, it’s often better to block out extended vacation periods, especially if the long-term job picture is cloudy.

Baby boomers, and the generations before and after them, are looking at the possibility of a retirement home in increasing numbers, creating a very competitive market for builders, developers and buyers. Regions that were once pristine and quiet are now hosting huge planned-unit developments.

Areas that once were run down and unacceptable have been reborn as trendy retirement-compatible places to settle. In other words, the aging of the baby boomer transformed the real estate market, as it has influenced every other aspect of the American economy.