Boston’s Housing Market Struggles to Attract Older Buyers, Despite Retirement Praise
Boston, MA – Despite accolades from USA Today as a top retirement city, Massachusetts is falling short in attracting older home buyers. A report by Construction Coverage revealed that only 17.5% of home purchases in the state are made by buyers aged 55 and older, ranking it among the lowest nationwide. In comparison, neighboring Maine stands out, with nearly 26% of purchases attributed to this demographic, earning it the eighth spot in the country.
The reluctance of older buyers in Massachusetts stems from their search for more favorable retirement conditions. States such as Florida, Delaware, and South Carolina dominate the list of preferred destinations for older buyers, thanks to their warmer climates and generally lower living costs. “These retirement-friendly environments appeal to those looking to enjoy their later years,” said Michael Stromberg, lead analyst at Construction Coverage.
Within the New England region, Massachusetts is particularly struggling, with only 16.2% of home buyers in Metro Boston aged 55 and older, considerably less than the national average of 21.2%. The local housing market’s appeal lies primarily in its robust job opportunities that attract younger professionals, particularly within education, healthcare, and technology sectors.
Conversely, cities like Providence have fared better, ranking among large metros with older buyers, where 20.4% fall within that demographic. In contrast, Springfield and Worcester reported about 16.5% of home buyers in the 55-and-up category.
While Metro Boston is gradually increasing its share of older home buyers, largely due to its growing popularity as a desirable place to live, it remains significantly behind the national trend, highlighting an ongoing challenge for the local real estate market.
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Photo credit www.boston.com
