It’s estimated that baby boomers own around 38% of homes in the U.S. housing market, despite comprising just 20% of the population, according to Construction Coverage.
But you might be surprised to find that these boomers — who are between the ages of 58 and 76 — don’t always engage in common homeowner money moves, such as moving to Florida or Arizona for retirement.
In fact, many boomers live in other places. Here are the housing markets that have the biggest percentage of baby boomer owners, according to a Construction Coverage analysis of U.S. Census Bureau data.
All home price figures are from Redfin and refer to July values.
Boston-Cambridge-Newton, Massachusetts-New Hampshire
Baby boomer owners: 38.1%
Some baby boomers are staying where they are rather than selling their homes and moving to new locations.
That may be the case with Boston, where more than one-third of boomers are staying put instead of looking for a warmer place to spend their golden years.
Sacramento-Roseville-Folsom, California
Baby boomer owners: 38.2%
U.S. Census Bureau data shows that baby boomers are flocking to California’s capital city. While some are looking to buy homes there, others appear happy to rent an apartment, according to the data.
Jacksonville, Florida
Baby boomer owners: 38.3%
One advantage Jacksonville has over other cities in Florida is its housing costs. The median sale price of a home in Jacksonville is $310,000 compared to the median sale price of $409,700 for the state as a whole.
Earn $200 cash rewards bonus with this incredible card
There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash® Card(Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.
The Active Cash Card puts cash back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.
This card also offers an intro APR of 0% for 12 months from account opening on purchases and qualifying balance transfers (then 19.74%, 24.74%, or 29.74% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.
The best part? There's no annual fee.
Memphis, Tennessee-Mississippi-Arkansas
Baby boomer owners: 38.5%
More than 20% of the population in Memphis is over the age of 60. Local reports have noted that many of these boomers plan to stay in their homes as long as they can.
New York-Newark-Jersey City, New York-New Jersey-Pennsylvania
Baby boomer owners: 38.5%
The New York City housing market is one of the most expensive in the U.S., but that hasn’t deterred boomers from deepening their roots in the city.
Trending Stories
Providence-Warwick, Rhode Island-Massachusetts
Baby boomer owners: 38.5%
A home in Providence sells for a median price of $503,500, which is well above the national average. Yet, the market remains an attractive place for boomers to call home.
Cleveland-Elyria, Ohio
Baby boomer owners: 38.5%
Cleveland is home to the Rock & Roll Hall of Fame, and plenty of boomers appear content to rock out their retirement years in the city.
New Orleans-Metairie, Louisiana
Baby boomer owners: 38.7%
New Orleans is famous for its party lifestyle. And while such revelry is traditionally associated with younger folks, boomers may be breaking the mold by calling The Big Easy home.
Miami-Fort Lauderdale-Pompano Beach, Florida
Baby boomer owners: 38.9%
Traditionally, retirees have headed south to Florida in big numbers. That is still the case, but it’s becoming more expensive to do so.
The median sale price for a home in Miami is $615,000 while a Fort Lauderdale home costs $544,500.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Los Angeles-Long Beach-Anaheim, California
Baby boomer owners: 39%
There may be sun and sand, but living in the Los Angeles area can be challenging for boomers on tight budgets.
Anaheim, for example, has a median home sale price of $950,000, which is much higher than the national sale price.
Buffalo-Cheektowaga, New York
Baby boomer owners: 39%
Prices are rising in the Buffalo market, but they are still attractive to boomers.
The city’s median sale price was $235,000 in July, a 23% increase in sale price compared to a year earlier. Despite the rise in costs, that is still far below the national median.
Tampa-St. Petersburg-Clearwater, Florida
Baby boomer owners: 40%
The Tampa area has seen a surge in newly built 55-plus communities, which could be a great option for older residents who want to buy a home in a place that caters to boomers.
Rochester, New York
Baby boomer owners: 40%
It may be surprising to see a cold-weather city like Rochester make the list of cities with the most baby boomer homeowners. The city averages around 70 to 90 inches of snowfall annually, making it the opposite of a traditional Florida retirement.
Pittsburgh, Pennsylvania
Baby boomer owners: 40%
Pittsburgh is just one city in Pennsylvania that is home to many boomers. The Keystone State ranks No. 12 among places with the most baby boomer homeowners, with almost 40% of the homes in the state owned by boomers.
Tucson, Arizona
Baby boomer owners: 41.8%
Arizona has traditionally been a major magnet for retirees, and Tucson appears to appeal to many boomers.
Local reports also suggest that Tucson is popular with millennials, giving Tucson a good mix of homeowners from different generations.
Bottom line
If you know where you want to live retirement, start saving money now so you can realize your dreams.
Think about ways to build wealth and create an estimated budget that includes things such as housing costs, as well as travel and car costs and other retirement expenses.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.