Sunday, January 22, 2006

Boomers Moving to the Shore

This NY Times article quotes experts who say baby-boomers are moving to the Jersey Shore and will continue to do so. I'm going to guess that the NJ Shore will lose more boomers to NC, Arizona, Florida and other cheap warm states than the area gains over the next 20 years.


[The empty-nester baby boomer influx into Monmouth County - at the northern end of the Jersey Shore - has already had a major impact, according to brokers and real estate specialists.

The Otteau Group Report, which keeps tabs on trends in the statewide real estate market for brokers, suggested recently that baby boomer home purchases will keep fueling high-volume sales and ever-higher home prices there for the decade to come.

The senior population in Cape May County has traditionally been weighted toward the older end of the spectrum. About 20 percent of its households include people age 65 or above, compared with 12 percent for the state as a whole, according to current census statistics.

In certain pockets of the area, the clustering of elderly people is even more intense. The city of Cape May, for example, has 4,034 people - and 47 percent of its households are occupied by people age 65 or older, while just 19 percent of households include people under age 18.

But Jeffrey Otteau of the Otteau Group predicts the baby boomer effect will cause shifts in these numbers as the "active adults" infiltrate the cape as they have other desirable senior lifestyle sites.]

Full article...


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