When the kids are gone baby boomers are headed for the city, not just hanging out in 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. 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… 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!