A popular misconception surrounding the ideal way to enjoy living in retirement is to move from the city and enjoy the rest of your years in a small county or suburb. While this idea was once popular, times have changed. Now the majority of baby boomers have no intention of moving to a suburb because they love the city life.
Boomers are becoming dwellers of the city because of urban convenience. Living in the city provides easier access to social amenities, increased activity and more interaction with people. With lots of leisure time, many boomers find they can use social interaction to tackle loneliness and idleness.
Obviously sustaining a lifestyle in the city can be expensive, however, even boomers who have acquired modest wealth can manage to live in the city without undue financial stress. Whether it’s living in a rental or using rental home services that cover the basics like maintenance, free laundry service and home cleaning services, CNBC reports that there is an increasing number of services available to control the cost of living in the city for boomers.
For boomers who have lived in big cities all their lives, retirement isn’t a sufficient reason to move away from the city. Large cities, known for their dense population and access to social amenities, can provide an exciting and variety-filled retirement. In fact, Magazine Realtor reports that these 20 cities in the U.S. are increasingly home to more and more seasoned professionals looking for an exciting retirement. Unsurprisingly, New York came on top as the state with the largest boomer population.
As interest in urban retirement increases, we expect to see more boomers stay in the city as they look for ways to increase their social activity and live in a manageable space while avoiding the burden of home maintenance.