The recent Housing Summit hosted by SmartNumbers and ViaSearch provided some interesting insight into some of the most recent migration patterns for buyers in Metro Atlanta. Their data shows that the “third or higher move up” category continues to be the leading segment of buyers across Metro Atlanta. This is further supported by the “head of household age group of 45-65+” showing a positive trend. See the chart below.
For many years, the first time buyer was the leading buyer segment for Metro Atlanta. But recent challenges to gainful employment and increased scrutiny for mortgage underwriting have forced many younger buyers to rent versus buy. Starting on January of 2011, more than 10,000 boomers started turning 65 every day. This began one of the most significant migration trends we will see in our lifetimes. Retiring boomers are once again moving from the cold weather of the Midwest and Northeast to the Sun Belt. Others are bailing out of high cost and high tax areas to places with a more reasonable cost of living. That is good for Metro Atlanta. Many baby boomers will want to move closer to their children and grandchildren. Others will seek a simpler, less maintenance lifestyle. Others will move to assisted living or transitional housing.
Many baby boomers are surprised to see the math regarding staying in their current properties or moving. And many will be unpleasantly surprised at how little they can afford when prices rise and mortgage rates rise over time. If you or someone you know is considering their options, we would be happy to show them their options so they can make the most informed decision. Contact us today at www.PetersenPartners.com.