As Baby Boomers retire from the workforce and their Millennial children start families, a new trend has emerged: “Baby Chasing.” According to a new study from Meyers Research, 25 percent of Baby Boomers are moving to be close to their adult children and grandchildren, wherever they’ve landed, to provide moral and even financial support. And that’s increasingly happening in geographic areas that not only offer warmer weather but also economic growth and a lower cost of living.
The top cities (right) for Baby Chasers have experienced some of the highest income job growth over the past five years. And living in growing cities allows Millennials to still live the American dream in these different markets, but also not feel like they’re compromising on where their career is headed.
Unlike their parents, Baby Boomers find it important to be both geographically and relationally close to their grandchildren, despite FaceTime and other technology that has seemingly bridged the geographical distance between loved ones.
There’s been a shift back to, wanting to have that human interaction, and wanting their family to be an important part of their lives. Per AARP, about 10,0000 Baby Boomers turn 65 every day, or seven every minute. And a survey from the National Endowment for Financial Education found that 59 percent of Baby Boomers who are parents continue to financially support their adult “children” ages 18 to 39.
So as baby-chasing Boomers are looking for a home in the city of their grandchildren, these are just a few of the things they are looking for:
- Baby Boomers are often looked at as moneybags, but affordability is a top factor for home buyers regardless of age. For those leaving their current city, retirees are often looking to sell their home, relocate, and pocket some money.
- They want a smaller house, but not small. The home size preferred by relocating baby boomers is 2,500 square feet or less. They are looking to move down in size but not quality.
- They want room for the grandkids. Boomers are looking for larger living areas, spare bedrooms and outside activities to keep the grandkids entertained. After all, they are probably going to be first choice as baby sitters.
- Across the country, Baby Chasers are scooping up homes adjacent to family-friendly locations.
- While they will initially move into a single home dwelling, they will also be assessing availability of senior living communities/retirement facilities in the area near their grandchildren to plan for the future once they age into their seventies and beyond.
Source: Ali Wolf, Director of Economic Research at Meyers Research (July, 2019)