Rather than heading to historically trendy retirement destinations like Florida or California, more retirees are opting to relocate to college towns rich with cultural amenities, according to an article from The Wall Street Journal.
Rather than retiring in places like Florida or Palm Springs preferred by retirees of the past, today’s older adults in their 60s and 70s instead have their sights set on happening hubs like Portland, Oregon, Austin, Texas, and Raleigh-Durham, North Carolina.
Thriving nightlife, teaching hospitals and the opportunities to continue education during retirement all add to the lure of these college towns, the article notes, with mortgage brokers in certain areas seeing increases of 25% in their age 55-70 clientele.
Some retirees are even looking to spend well over $1 million to live in either homes or condos in these areas, others neglecting the notion of “downsizing” during their retirement.
Real estate agents in all three regions say they see the same story among retirees.
“They arrive believing they want to simply replace the lifestyle they are leaving, but after getting to know their city, they often opt for a dramatic change,” WSJ writes.
Written by Jason Oliva