As the economy improves, retiring boomers are setting their sights toward cities rather than downsizing and relocating to retirement communities, Fox Business reports.
A slowly-rebounding is helping more retirees view cities as a “viable and exciting alternative for their post-career lives,” Leeann Iacino, COO of Prudential California, says in the article.
Though this shifting trend may not be the “norm” for many retirees, Nancy Thompson, an AARP spokesperson cited by Fox Business, says urban settings are appealing for a certain type of boomer.
But boomers must have caution when thinking of relocating to a city, as the costs to do so may not equate to a lower cost of living.
“Even if you downsize, it will be more cash,” says Thompson in the article. “Your four-bedroom place in the suburbs will be the same cost as a three-bedroom condo in a city.”
For many boomers, factors to consider when deciding to relocate include access to health care, transportation, considering one’s finances and how long they prepared to be retired before making a move to newer surroundings.
Written by Jason Oliva