When the kids are out on their own, baby boomers are headed for the city, and away from the suburbs. Delaware Online reports that affluent boomers are trading in lawn mowing and commutes for easier access to restaurants, shopping and the theater. For some there’s a bit of sticker shock when it comes to life in the high-rise. For boomers moving to cities, downsizing is a on the menu. Going from a 2400 square foot home in the burbs to an 1100 square foot condo downtown doesn’t always mean money in the bank. For some it means paying through the nose for others it means getting acclimated to using a tax calculator… Living in the city isn’t cheap, but for many it’s worth it.
In July we wrote about the increasing trend of boomers and the money they’re spending on dining out. It all makes sense… Boomers have the money, many are retiring early (or enjoying semi-retirement), and many are empty-nesters for the first time in a long time!