Boomers joining Millennials for the city life
Posted On September 26, 2013
Here’s an interesting new trend – Baby Boomers are beginning to settle down in the big city. According to a report in the Seattle Times, more and more Baby Boomers are walking away from the homes and yards in the suburbs to spend their empty-nester and retirement (or semi-retirement) years in the metro bustle that had once been the playground of the fresh-from-college crowd.
It makes a lot of sense – smaller spaces, less time and money on maintenance, no worries about school districts – and it creates some interesting opportunities for employers and businesses. Besides the overall real estate impact, these Boomers are typically returning to the city looking for an active lifestyle. This can mean new target audiences for restaurants, shops and galleries. It can also mean the potential to retain knowledgeable workers longer – reduced commutes create more work-life balance, and close proximity to the office may encourage older workers to stay on in consulting roles as a semi-retirement solution.
What I find most fascinating about this trend is that it underscores the strange truth that Millennials and Boomers – despite being a full generation apart and frequently rolling their eyes at one another – have some very strong similarities. What the Boomers and the Millennials both want right now is more individuality, more excitement and more freedom. It will be interesting to see if they can stand being neighbors.