Texas is a state that has been attracting new residents from different demographics and parts of the world for the past decade. With the attractive properties of the state’s top metros appealing to a wide variety of populations, it is a region growing rapidly each year as today’s generations enter new milestones.
Between the newly growing homeowners and renters pool made up of the millennial generation entering adulthood, much of the focus on the Texasgrowth has been on this age bracket of 20-35. However, the interest of today’s second largest generation of baby boomers are also putting down roots in the state on a considerable scale.
According to a recent report by WalletHub on the Top Cities to Retire nationwide, there are more people moving to Texas than most other states when retiring. Included in the list’s top 100 cities were well known areas like San Antonio, Austin, El Paso, Dallas and Houston among other up and coming locations like Plano, Grand Prairie, Laredoand Amarillo.
This newly stimulated interest has been gaining steady popularity as the state continues to offer the best in affordable opportunities for both businesses and residents. Combined with the generational shift of millennials entering the workforce and housing market in parallel with older generations retiring and downsizing, much of the nation’s relocated populations are concentrating into Texas.
This shift has opened up new avenues for many industries as with the increase of residents and commercial operations has created a demand for more supply. One area that has adapted to this continuous growth cycle is the housing industry. With the inability to build single family housing fast enough to keep up with the pool of new residents; more scalable housing solutions are breaking ground.
Specific to the newly retiring baby boomer generation has come a new model in renting with adult communities popping up around the US. “These properties are becoming the choice housing options for retirees as they combine the need for affordable, downsized options with the same luxury amenities as homeownership without the added risks,” shares Marcus Hiles (photo), one of Texas’ first adult living property developers. As the CEO and founder of Dallas-Based Western Properties, Marcus has a few adult living communities under his belt with plans for new developments in coming years.
As more renters over 55 enter the market, these new developments are growing in the areas that appeal to them most. WalletHub’s report identifies these cities with a key focus around how the area’s affordability compares with the financial factors considered when deciding where to retire. Most importantly this includes the options for housing and the associated living expenses in how they accommodate retirees on fixed incomes.
With these points considered, the work of property developers like that of industry veteran Marcus Hiles is paying off.
The growing supply of new projects and places in the rental market for newly retired residents is widening and Texas is tapping into it to diversify its population and economy.