Newport Beach, Costa Mesa, Orange County and all California baby boomers plan to stay in their homes longer than ever before, according to a 2014 survey from the California Association of REALTORS®. More than half, 59 percent, have no plans to sell their home after retirement. 78 percent of those surveyed simply like their home and plan to stay. Only 4.4 percent plan to move out of state. That’s an amazing figure and a testament to the love of California.
Those baby boomers having purchased their homes long ago enjoy relatively low property taxes (Proposition 13 in California ensures that property taxes only raise minimally per year, not in correlation to the actual increase in value) compared to the current generations facing unprecedented housing prices and the taxes that go along with today’s values. Alarmingly however, 54 percent of the survey respondents feel they have not saved enough money to retire comfortably.
The take away – California is an amazing and desirable place to live and retire, but it is very expensive. Those baby boomers lucky to have purchased property long ago are in better shape for their retirement. Newer generations, take note! Consider real property as a long-term investment likely to play a key role in your retirement plans.
Source: C.A.R. 2014 Baby Boomer survey
Author Devin R. Lucas is a Real Estate Attorney, Broker and REALTOR®, specializing in Newport Beach, Costa Mesa and Orange County, serving individual, investor and small business interests in real estate. Active with the Newport Beach Association of REALTORS® and Costa Mesa Chamber of Commerce, Devin R. Lucas Real Estate is an independent real estate brokerage and law practice located in Newport Beach, California.
Devin R. Lucas Real Estate
Real Estate Law | Real Estate Brokerage | REALTOR®
devinrlucas.com | email@example.com | BRE No. 01912302
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Newport Beach | California | 92663-4023