There’s a relatively new trend: Baby Boomers are Heading Back to the City. The latest research shows that cities in the US are growing in population while demand for the suburban lifestyle is declining.
Suburbia used to be synonymous with the American Dream. In the 1950’s suburban sprawl was the evidence of the middle class attaining a “piece of the pie.” In the New York tri-state area it meant a migration to Long Island, Westchester and New Jersey from Manhattan and the surrounding boroughs. Add an American made car in the driveway and indeed it was the dream come true.
As decades passed, the sprawl got further and the houses got a whole lot bigger. Once our kids fly the coup all that square footage can feel a bit useless. At the same time, Baby Boomers are also able to return to a lifestyle so many of use were acquainted with prior to settling down and buying our spacious homes. Going out for dinner with friends mid week or taking off for the weekend spur of the moment are once again options.
For these reasons many people age 50+ (yes technically Baby Boomers are 50+) are opting to return to cities where they can once again partake of the art, culture and ease of city living. At the same time, Manhattan real estate prices have never been higher. However, there are some really great options in Brooklyn, Queens, Jersey City and Hoboken.
Another trend is to stay in the suburbs and live in a smaller home close to a thriving downtown (like Maplewood, South Orange or Montclair) or in one of the luxury rental building these towns now offer. Want to know what your options are? You may find my Baby Boomer’s Guide Where to Move Next a big help.
Read more about the research from Realtytimes.com here