Baby Boomers key demographic to Arizona real estate, housing market

Baby Boomers

By PBaby Boomershilip Haldiman, Editor-in-Chief | The Dealmaker

Arizona won’t cease to be a retirement attraction for Baby Boomers anytime soon, according to a recent study by the National Association of Realtors.

The Phoenix- and Tucson-areas placed in the top 10 of markets positioned to see an influx of Baby Boomer homebuyers in the future.

Phoenix placed 7th and Tucson placed 10th.

This is the first time the National Association of Realtors conducted this study.

Spokesman Adam DeSanctis said NAR analyzed current population trends, housing affordability and local economic conditions in metropolitan statistical areas across the U.S. to determine housing markets most likely to see a boost in sales from leading-edge baby boomers.

DeSanctis said the Baby Boomer study looked at 100 metro areas with lower state taxes, strong migration patterns and job market conditions, as well as housing affordability.

The study stated that Phoenix has experienced a solid inflow of Baby Boomers for several years and that Tucson has many Baby Boomers who are self-employed with promising job growth.

“(Phoenix) has a growing inventory of homes for sale and strong job growth,” the study stated. “Arizona is also a tax-friendly state and it spends a higher than average share on public welfare, hospitals, health, police protection and parks & recreation.”

Jim Belfiore, president of Belfiore Real Estate Consulting, said Baby Boomers have long been an important demographic in the state’s housing market.

“Arizona is home to some of the finest active adult communities in the country, and with the attractive climate, empty nesters and retiree Baby Boomers are likely to continue filling the new homes going up within those communities,” he said.

 

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