[tallrick]

And in Florida you will pay more in property tax than any state's income tax. You cannot retire in security because the property tax will eat up your money faster than anything.

[Granny Sue]

Confused.....
At 45 I've known all along that SS was just a supplement. If I wanted to have a comfortable retirement I needed to save it myself. Not rely on the government.
Who did I hear this from? My 90 yo grandfather before he passed away 14 years ago.
He was a poor preacher who managed to save so well that he actually made more after he retired than he made while working. I intend to follow his example.

To get back to the original subject.....I think more people are heading to Arizona and the Carolinas. I as a semi-Fl native am heading to cooler climates for my retirement.

[121804]

Originally Posted by INeedAChange

Will the boomer retiree influx solve Florida's real estate slump?

No.

I wish I could gather up the complete number of homes/condos for sale in FL. I know in SWFL it numbers up close to 50,000. I saw a report last week that a county on the east coast of FL had 35,000 homes/condos for sale.

That means these 85,000 homes need to be bought by retirees? How many of these homes are still 20, 40, even 60% over valued?

So, yeah, if they want to move here & overpay in home values (report just came out that prices will not start to level out to 2010) , property taxes & HOI, go for it. Guess to them the sun & warm weather is worth spending the money.

Most of the older people we know would never retire here & have no desire to live in a "retirement" community. Reasons: FL is too hot, humid, & homes are ridicously priced.

[HockeyMom72]

Originally Posted by INeedAChange

The first boomer applied for SS benefits today.

Will the boomer retiree influx solve Florida's real estate slump?

My husband came here for a job. As soon as we can retire (6/7 years?), we are out of here. If not back to LI, then someplace close to it. Miss the weather and children and future grandkids. Where we are in Florida, is actually not much cheaper than LI. As somebody said, everything else here amounts to far more than the savings in state income taxes. Hell, I paid $20 biweekly in NYS income taxes last year. BIG DEAL.

Other boomers I know, who either have retired (early) or soon are moving to Pa. (cheap and near family), or to the Carolinas, New Mexico, Arizona.

Maybe the RICH are still retiring to Florida, but not the middle class anymore. Either stay put in the NE or go to the Pa. or SW it seems.

[David Garcia]

Florida is on my list of places to move to but from the sound of it if I pick it I
might have to see my doctor about a anti anxiety medication. If no one can sell their Florida house right now and no one wants to buy a house in Florida what will happen? Should some one who has a 15 or 30 year mortgage wait it out until everything gets better?

[Sunandsand]

Well the studies I read say that 75% of boomers have no retirement savings. So they will not sell a house for $500,000 and retire to Florida and pay more than $150,000 for a house. They need the rest to live on, along with SS. Or they need to keep working.

My parents and their friends are heavily involved in senior groups. They travel a lot and talk to everyone. They do not run into anyone who ever mentions retiring to Florida. I ran a chain of health clubs in the NE before moving to FL. We had 6000 members and I talked to tons of seniors. None ever mention Florida. Some did when I first bought the chain 12 years ago...but none did the last few years.

Florida for retirement is so 10-20 years ago. Today's retirees want to keep involved, live near the kids and grandkids, some mention going half way...maybe Carolina. Many more people 55 plus also have a lot more debt than seniors did 20 years ago.

It is a myth to think that millions of boomers are getting ready to retire to Florida, pay $300,000-600,000 for all those houses, pay $10,000/year in property taxes, and $5000/year for insurance.

Not gonna happen.

[TampaKaren]

Originally Posted by INeedAChange

The first boomer applied for SS benefits today.

Will the boomer retiree influx solve Florida's real estate slump?

It's ironic that I moved to Tampa when I was 28 and now I'm 52. Made a great living here, love the weather and the diversity. I look forward to retiring to a much quieter lifestyle on a lake in the woods.

[Keeper]

The topic is not about SS system but whether or not baby boomer's will be retiring to FL. and if it will help the housing market.

[121804]

Originally Posted by Sunandsand

Well the studies I read say that 75% of boomers have no retirement savings. So they will not sell a house for $500,000 and retire to Florida and pay more than $150,000 for a house. They need the rest to live on, along with SS. Or they need to keep working.

My parents and their friends are heavily involved in senior groups. They travel a lot and talk to everyone. They do not run into anyone who ever mentions retiring to Florida. I ran a chain of health clubs in the NE before moving to FL. We had 6000 members and I talked to tons of seniors. None ever mention Florida. Some did when I first bought the chain 12 years ago...but none did the last few years.

Florida for retirement is so 10-20 years ago. Today's retirees want to keep involved, live near the kids and grandkids, some mention going half way...maybe Carolina. Many more people 55 plus also have a lot more debt than seniors did 20 years ago.

It is a myth to think that millions of boomers are getting ready to retire to Florida, pay $300,000-600,000 for all those houses, pay $10,000/year in property taxes, and $5000/year for insurance.

Not gonna happen.

I disagree with about 99% of the things you post, but this one is right on the money. Not b/c I dislike FL so much & can't see boomers flocking here but b/c of the way you wrote it & explained it. It's exactly true. Retiring to FL was so 10-20 years ago. I've never met anyone who want to retire here. Society has become much more accustomed to retirees & adjusted to their needs. There are so many outlets for them in most major cities. My parents are in their late 60s & are more active than teenagers. They own their home, they live near their grandkids, & they have several activities they are involved in. They take winter as it comes & deal with it. No desire or need to move to FL. Most of their friends also own their homes & have the same mindset.
I don't see the boomers moving here. Actually, I don't see anyone moving here. I just see lots of empty homes for sale up & down the streets. Majority of homes in FL are over priced & not even that well built. Great that the roofs can withstand a Cat 4 or whatever the new law is. Other than that, I would never ever ever want my parents to put their retirement money into a home in SWFL at this time. Why would anyone retiring want to or be recommended to take on a mortgage!!!!!!!!!!!!!!! Most homes are not selling for what you need to buy a home in FL.

[tallrick]

By the way, who will buy the overpriced Boomer homes? They may just have to stay put and shovel snow. It's better excercise than walking from the air conditioned home to the air conditioned car.