In a new ranking, Realtor.com named Boston as the city people aged 65 to 74 will most likely want to live in 2016.
The home-buying site said this age demographic, most likely to be full of empty nesters, is expected to make up the third largest segment of homebuyers in 2016.
Because these empty nester buyers are most likely not buying for the first time, Realtor.com notes “that they know what they want: new construction and the ability to customize their home to get what they want.’’
Realtor.com reports the median income for families with a 65- to 74-year-old head of household in 2015 was $56,066, giving them a maximum affordable home price of $235,952.
Though you might think of Boston as a college town with mostly young professionals, the Hub has recently been on the radar for empty nesters who don’t want to stay in huge suburban homes.
If downsizing is important, these empty nesters are willing to give up the space they once had to be in the middle of a city.
“People like the idea of living more densely,’’ Barry Bluestone, director of the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, told The Boston Globe back in 2012. “As we get older, people don’t want to get into a car every time they need a bottle of milk.’’
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Here is the view of Boston from Millennium Tower:
Though Boston is pricey, many of its surrounding suburbs, like Weston or Wellesley, have a much higher average home price – therefore couples can sell their homes and move to one of the many luxury condos in the city.
Boston Common magazine mentions that a quarter of all units sold at the new Millennium Tower have been to empty nesters, which are also being lured by buildings such as Piedmont Park Square and W Boston.
Luxury buildings are attractive to empty nesters because they have less maintenance, but also have amenities such as elevators, covered parking, gyms, and pools.
A new development in Somerville is taking appealing to seniors even more seriously: 311 Highland Avenue will have seven units, which are all single-floor residences that are still 2,000 square feet.