June 13, 2016
It is estimated that over 77 million baby boomers are approaching retirement. Several states are recognizing the incredible potential and are now actively working to attract them to their state to reap the economic benefits. Seventy percent of our nation’s wealth is represented in the 50 and older, “active adults” demographic. States across the nation, including New Mexico, are paying attention and taking action.
Amenities are key
Active adults seek great amenities in their communities. According to study by the National Association of Home Builders, active adults want Energy Star Rated appliances, a laundry room, patio, hardwood on the main floor and a full bath on the main level. They want to transition easily and maintain their active lifestyle.
Success In Mississippi
Mississippi has experienced an economic boom of $194 million by convincing 500 people to migrate to their state, according to Mississippi State University. Although they don’t usually make the list of top places to retire, Mississippi has used a focused, deliberate approach to attract the active adults demographic. The state now has 19 communities that are “certified retirement communities” and they are considered a model for other states across the nation.
NM Exceeds Expectations
New Mexico definitely has the amenities to attract active adults. A large international airport., warm weather, great eateries, easy travel and a low cost of living make New Mexico appealing to active adults all over the world. Studies from the New Mexico Department of Tourism in regards to the successful “New Mexico True” campaign showed that many people perceived New Mexico as stereotypically “hot, dry and lots of desert.” However when they were enticed to come here, they realized it is so much more. Visitors are often impressed with our diverse geography, high mountains, low deserts and green chile. After they visit, they are hooked.
Economic Benefits
Continually improving out population is imperative. Del Webb at Mirehaven, a recent development located in Albuquerque, is helping lead the way for active adult communities in New Mexico. The 300-acre campus features 538 homes and a centrally located recreation center with tennis courts, a pool and a spa. The numerous outdoor living spaces allow residents to enjoy all that New Mexico has to offer. Communities that lose active adults also lose economic prosperity. Smaller rural communities in New Mexico that have flourished in the past through agriculture, mining and trade are now suffering due to a decline in community population, which had led to reduced commerce. Attracting active adults improves economic conditions, especially in these rural communities. Attracting active adults will improve overall job growth be adding service sector jobs to support the increased demand for services. Active adults are typically willing to spend more money because they have more money. Their migration, or their continued residency, will bring prosperity to local markets and keep the community alive. Active adults should be dubbed economic drivers. New Mexico is primed and ready to be a prime economic beneficiary of the active adult community trend.