By Frank Roche of Roche Realty Group, a 36 year veteran of Lakes Region Real Estate.
Here are a few thoughts I was pondering over the other day that really make sense.
- 76 Million Americans were born between 1945 and 1964 who are nearing retirement age, according to Wikipedia.
- These “Baby Boomers” control 80% of the wealth and more than 50% of discretionary spending power.
- They have been referred to as “The single greatest demographic event in U.S. History”
- The Lakes Region is located within a 7 hour drive of 50+ million people.
- Our beautiful Lakes Region is within close proximity to a large chunk of the above demographic pool.
What does this mean for the Lakes Region?
“Boomers” are now clustering in scenic places, where they have often vacationed. They want to return to happy places where they experienced fond memories as children. Like birds that migrate to places of familiar origin, they want their kids and grandchildren to share the same experiences. The Lakes Region should expect migration from “Boomers” within this demographic trend.
Do we see trends happening as a result?
Yes, definitely. Northern New England has become a “Boomer” stronghold. Many immigrants and the younger generation have located to regions of the country where the job masses are located. Pre-retirement areas such as the Lakes Region of New Hampshire, the coastal towns of Maine/New Hampshire, and Cape Cod, are like magnets attracting “Boomers”. They are seeking a quieter, relaxed lifestyle, with recreational and cultural opportunities.
What are some of the reasons “Boomers” will be attracted to the Lakes Region?
- Semi-retirees look for states that are more tax friendly to retirees.
- NH has one of the lowest tax burdens in the nation, with no state income tax, sales tax, or capital gains tax.
- These same individuals look for states that are safe to live and retire to.
- NH has the lowest crime rate in the country, according to FBI statistics.
- Many “Boomers” will continue working into their early retirement years, at least on a part-time basis. NH’s unemployment rate is one of the lowest in the country and presents a favorable environment for semi-retirees.
- “Boomers” are seeking areas of natural beauty. There is an abundance of lakes, scenic mountains, ski areas, golf courses, hiking trails, and quick access to ocean beaches along the NH and Maine coast. The Lakes Region provides all of the above with 273 lakes, ponds, and rivers to enjoy.
- NH was named the “most livable state in the nation” for the 6th straight year according to Morgan Quitno Corp. of Kansas.
- This demographical generation is seeking cultural amenities as well. The region features Meadowbrook U.S. Cellular Pavilion, NH Music Festival, Lakes Region Summer Theater, the NH International Speedway, Tanger tax-free factory outlets, fine restaurants, and close proximity to several universities.
- “Boomers” look for communities with excellent health care facilities. LRGH Healthcare, Concord Hospital, and Dartmouth Hitchcock offers fine medical care.
Expect migration of “Boomers” to the Lakes Region?
Most definitely. All Lakes Region Realtors have seen a surge of interest from southern NH, MA, CT, RI, NY, NJ, PA, and FL. With 76 million Americans in the “Boomer” category the demographic migration to the Lakes Region will be substantial because it’s within a 7 hour drive of 50+ million people.
Any Statistics supporting the “Boomers” attraction to the Lakes Region?
- Lake Winnipesaukee, NH was rated “the #1 retirement place in the country” under the category of “leisure living for recreational and cultural opportunities”, according to The 5th edition of Retirement Places Rated, by Macmillan Travel.
- This past year NH was picked the #1 state for retirement in the USA, according to Moneyrates.com
- NH has the lowest poverty rate in the country and NH has the highest median income in the nation, according to statistics released by the US Census Bureau.
- NH is rated the best place in the nation to raise children by the National Kids Count Survey.
- Over 87% of the land in NH is covered by forests, making NH the second most forested state in the country.
We’re in a good place right now. This is the first time in my career where many signs are pointing to NH’s Lakes Region because of pure demographics. Our prices in the region for existing inventory are very favorable and we have the lowest interest rates in 40 years to work with. We have an abundance of inventory in all categories including waterfront and island properties, beach access properties, condominium homes, residential properties, country homes and farms, recreational properties, gated planned communities, view properties, land, and commercial opportunities. We offer four seasons of recreation and we are at the foothills of 760,000 acres of national forests and the beautiful White Mountains. Our lake, pond, and river choices are numerous. Our scenic lakeside villages are quaint and second to none. There’s something for everyone. We can expect a continued growth and prosperity over the next 10 years as outlined in the trend lines above.