Dallas Is a Top Market For Baby-chasing Boomers
From McKinney to Arlington to Frisco, some of the newest housing communities in North Texas aren't targeting millennials or first-time buyers. Instead, these new residential enclaves are aimed at "active adults" — the polite way in the building business to describe aging baby boomers. Of course these new age-restricted communities are responding to demographic shifts that mean more wealthier, older homebuyers are in the market to move.
In Dallas-Fort Worth, many of these older buyers are transplants moving to the area to be close to children and grandchildren. A full quarter of baby boomers say they plan to move nearer their children's' families, even if it's out of state, according to a new study by housing analyst Meyers Research. And Dallas is one of the top markets for these so-called "baby chasers," according to Meyers' analysts.
Charlotte, Austin, Raleigh and Nashville are also cities seeing moves by older folks who are relocating to be near their kids and grandkids, the research firm found. That makes sense since Dallas and all those other markets are attracting thousands of young workers to fill new jobs.
"What differentiates the boomer buyer from their parents' retirement process is that the boomer is moving to, not away, from the kids," Meyers senior managing principal Tim Sullivan said in the report.
And unlike millennials who are scraping together cash for a first home, many of these older buyers have money from the sale of a previous home. No wonder builders including Del Webb, David Weekley and Drees Custom Homes are rolling out new housing product tailored for older buyers. The boomers are the second-largest group of homebuyers in the market after the millennials. And unlike the youngsters who often put off a purchase, the clock is ticking for their elders to make a move...
