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Best Choice for Retiring Boomers: Head South - An Analysis of Selected U.S. Cities

Best Choice for Retiring Boomers: Head South - An Analysis of Selected U.S. Cities

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Published by: Floridanomics on Apr 16, 2012
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03/12/2013

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 Best Choice for Retiring Boomers: Head South -An Analysis of Selected U.S. Cities
 
The
 
Washington
 
Economics
 
Group,
 
Inc.
 
April 16, 2012
Representative
 
Office
 
in
 
Washington,
 
D.C.
 
Dawson & Associates, Inc.1225 I Street, NW, Suite 250Washington, DC 20005
 
U.S.
 
and
 
Global
 
Headquarters
 
2655 LeJeune RoadSuite 608Coral Gables, FL 33134
 
i
 
Contents
 
Executive Summary ............................................................................................................. 1Overview .................................................................................................................................. 3Methodology ........................................................................................................................... 5Cities Analyzed ...................................................................................................................... 71.
 
Tallahassee, Florida: The Number One Choice ......................................... 72.
 
Memphis, Tennessee ......................................................................................... 103.
 
Athens, Georgia .................................................................................................... 124.
 
Tuscaloosa, Alabama ......................................................................................... 145.
 
Atlanta, Georgia ................................................................................................... 166.
 
Tied at 6 ‐ Oxford, Mississippi ....................................................................... 196. Tied at 6 ‐ Charleston, South Carolina ........................................................ 218. Louisville, Kentucky ........................................................................................... 239. Tied at 9 ‐ Richmond, Virginia ....................................................................... 259.
 
Tied at 9 ‐ Pittsburgh, Pennsylvania ........................................................... 27Conclusion ........................................................................................................................... 30
List 
 
of 
 
Tables:
 Table 1. Ranking of Retirement Destination Cities ............................................... 6Table 2. Scores for City Factors .................................................................................. 31Table 3. Overall Scores for Cities ............................................................................... 32
 Appendix
: The Washington Economics Group Qualifications andProject Team .......................................................................................... 33
 
The
 
Washington
 
Economics
 
Group,
 
Inc.
 
White
 
Paper 
 
|Page
 
1
 
Executive
 
Summary
 
 
“Baby Boomers” are one of the largest generational groups in the U.S. More than25 percent of the U.S. population belongs to this generation, born between 1946and 1964.
 
The “leading edge” Boomers are beginning to retire in large numbers – up to10,000 a day – and many of them will relocate to a city that better serves theneeds and desires of retirees.
 
Mason‐Dixon Polling and Research Inc. conducted a survey among Boomersbetween Nov. 14 and 22, 2011 for the Consumer Federation of the Southeast, togauge their preferences toward a number of factors that would most directlyinfluence their retirement relocation decision – such as climate, taxes orrecreation. The survey also asked participants to rank the importance of eachfactor when deciding where to relocate.
 
The Washington Economics Group (WEG) developed a methodology, based onthe above‐mentioned survey, to rank 20 cities based on a number of factors andcity characteristics. The 20 destinations were chosen because they are citieswith an already high number of retirees, or cities that are classified as typicallypopular destinations for retirees or because they possess more than one factorfavored by the Baby Boomers surveyed in the Mason‐Dixon poll.
 
WEG’s
White
 
Paper 
analyzes, in detail, the Top 10 cities of this list, and, overall, a“Top 20” that can potentially attract a great number of “Baby Boomer” retirees.
 
WEG’s analysis includes a detailed description of each city’s climate, cost of living, availability of healthcare services, competitiveness of local fiscalobligations and offering of recreational and other amenities.
The
 
analysis
 
scores
 
each
 
factor
 
for
 
each
 
city
 
and
 
based
 
on
 
this,
 
determines
 
an
 
overall
 
score/ranking
 
for
 
that 
 
city
 
among
 
all
 
of 
 
those
 
evaluated.
 
 
WEG’s
 
analysis
 
concluded
 
that 
 
the
 
number
 
one
 
retirement 
 
destination
 
city
 
among
 
the
 
20
 
cities
 
on
 
the
 
list 
 
would
 
be
 
Tallahassee,
 
Florida
. Tallahasseepossesses more of the priority features and characteristics cited by Boomersnecessary to provide a high quality of life for retirees. These distinct anddesirable characteristics that Tallahassee exemplifies are:

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William Johnson liked this
Thomas Pirko added this note
A Florida public relations firm confidently tells us that the the best place to move to is ... Florida! Big surprise
George Fergusson added this note
MANY BOOMERS WOULD NOT HAVE CONSIDERED TALLAHASSEE AS AN IDEAL RETIREMENT DESTINATION BUT THIS WHITE PAPER MAY ALTER CONCEPTIONS. TALLAHASSEE ISN'T AS GLITZY AS OUR MORE FAMILIAR SOUTH FLORIDA NEIGHBORS BUT IT'S "DOWN HOME" AND FRIENDLY. ON BEHALF OF THE CITY, COME SEE. GEORGE FERGUSSON

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