Approximately $18 trillion to $19 trillion of America’s real estate wealth is owned by baby boomers, the generation born between 1946 and 1964. That’s nearly half of all the real estate wealth in the entire country, acquired through what Realtor.com defines as multiple decades of homeownership, as well as changes in the housing market and increasingly high property values.
Boomer homeowners have settled all across America, but there are a handful of cities that have attracted the post-World War II generation far more than others, especially in Florida. Indeed, half of the 10 cities where retirees hold the most real estate wealth are in The Sunshine State, which has famously been a retirement destination for decades. Why? Florida offers beautiful beachfront properties, a lovely subtropical climate and — best of all, financially — absolutely no state income tax.
Following are Realtor.com’s top 10 cities where retirees hold the most real estate wealth. The list was determined by the total value of houses on the market, as well as homeowners over the age of 65 and the estimated value of their real estate holdings. Blended together into a listing of 10 cities, this information creates a map of a retiring generation’s wealth, as well as the trends in a progressively complex and pricey housing market.
Also see cities to consider if you are retiring this year.
10. San Luis Obispo, California
- Homeowner population age 65 and up: 49.8%
- Value of real estate owned by baby boomers: $31 billion
Retirees own $31 billion worth of real estate in California’s lovely San Luis Obispo, for good reason. Active seniors can take part in the beachside landscapes, numerous hiking trails and parks, while the proximity to California Polytechnic State University features a number of cultural events, performances and concerts.
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9. Honolulu
- Homeowners age 65 and up: 43.4%
- Value of real estate owned by baby boomers: $88 billion
Hawaii makes its lone appearance in the top 10 with Honolulu. It’s easy to understand why retirees would stake a 43.4% claim to all real estate in the area — Honolulu offers beautiful island living, walking tours, museums and beach activities for all active residents.
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8. Prescott Valley, Arizona
- Homeowners age 65 and up: 57.6%
- Value of real estate owned by baby boomers: $27 billion
Warm, low insurance rates and lovely desert locales — all of these are excellent reasons for baby boomers to claim up to $27 billion of Prescott’s $47 billion worth of real estate.
7. Port St. Lucie, Florida
- Homeowners age 65 and up: 49.1%
- Value of real estate owned by baby boomers: $38 billion
Almost 50% of all homeowners are of retirement age in Port St. Lucie, which features a PGA golf course, a bevy of nature trails and coastal activities.
6. Deltona, Florida
- Homeowners age 65 and up: 47.8%
- Value of real estate owned by baby boomers: $43 billion
Located on the shores of Lake Monroe, Deltona is yet another Florida city in which nearly 50% of all homeowners are baby boomers. The city is also in close proximity to Daytona Beach and Orlando, giving fun-seeking retirees plenty to do.
5. Barnstable Town, Massachusetts
- Homeowners age 65 and up: 53.1%
- Value of real estate owned by baby boomers: $34 billion
Barnstable Town is a huge draw for retirees in the Cape Cod region, with its village charm and beachside properties. While rather expensive, $34 billion of the area’s $64 billion real estate is owned by boomers.
4. Santa Rosa, California
- Homeowners age 65 and up: 46.6%
- Value of real estate owned by baby boomers: $54 billion
While Santa Rosa living isn’t exactly cheap (with the median home value resting at approximately $995,000), it certainly has become a boomer enclave. Approximately 47% of the population is over the age of 65 and owns about half of the $116 billion in real estate.
3. Cape Coral, Florida
- Homeowners age 65 and up: 51.9%
- Value of real estate owned by baby boomers: $62 billion
Thanks to the warm weather, outdoor fun and beachfront properties, Cape Coral has been a boomer destination for decades.
2. Naples, Florida
- Homeowners age 65 and up: 57.3%
- Value of real estate owned by baby boomers: $70 billion
Over 90 golf courses, beaches, outdoor activities and a number of luxury resorts make Naples a retiree’s dream city, which makes it no surprise that boomers own 57% of the real estate there.
1. North Port, Florida
- Homeowners age 65 and up: 55.8%
- Value of real estate owned by baby boomers: $97 billion
Of the $174 billion in real estate in North Port, $97 billion is owned by those over the age of 65. That means baby boomers have a foothold on approximately 56% of the pricey properties in North Port.
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This article originally appeared on GOBankingRates.com: 10 Cities Where Retirees Hold the Most Real Estate Wealth — 5 Are in Florida
