Baby Boomer Demographics – How Trend Lines Will Benefit the Lakes Region
Here are a few thoughts I was pondering over the day, that really make sense.
- 76 million Americans were born between 1945 and 1964, according to Wikipedia.
- These “Babyboomer” 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”.
What does this mean for the Lakes Region?
“Boomers” now cluster in scenic places, where they have often vacationed. They want to return to happy places, where they experienced fond memories as children. They are 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.
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 NH, 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-retired 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 in. 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 continuing to go down. Presently at 5.4%, it is the 4th lowest in the country.
- 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.
- This demographic generation is seeking cultural amenities as well. The region features Meadowbrook US Cellular Pavilion, The NH International Speedway, NH music festival, Lakes Region Summer Theatre, Tanger Tax Free Factory Outlets and fine restaurants, and it is in close proximity to several universities.
- Boomers look for communities with excellent health care facilities. LRGH healthcare 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, Connecticut, and Rhode Island. New York, New Jersey, Pennsylvania and Florida have also been strong. 76 million Americans are in the “boomer category”. The demographic migration to the Lakes Region of NH will be substantial, because it’s within an eight-hour drive of tens of millions of people.
Any statistics supporting the Boomers attraction to the Lakes Region?
Lakes 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.