Baby boomers are a record number of retirements. Retirement often marks a major change in a person’s life. Many retirees choose to move to a more manageable home or move to an affordable neighborhood to better stretch their fixed budget. Others simply want to enjoy a different lifestyle with their newfound free time. These shifts in dollars and demand can affect local economies, especially if they occur en masse.

With this in mind, Smart asset examined 2023 mortgage data for 40 of the largest metropolitan areas in the United States to determine where baby boomers are buying homes at the fastest rate compared to the local population. Associated median interest rates, property values, and baby boomer incomes were also assessed.

Main findings

• Baby Boomers are buying homes at the fastest rates in Raleigh-Cary, NC. This metro area saw 8,215 mortgages issued to homeowners in this age group in 2023, compared to a total population of about 300,000 baby boomers. The Nashville metro area had the second highest rate of baby boomers buying homes (11,410 mortgages issued) and the Phoenix metro area ranked third with 27,745 new baby boomer mortgages.

• Most mortgages went to baby boomers in the Atlanta, Georgia metro area. 30,181 mortgage loans were issued to this generation in the Atlanta-Sandy Springs-Alpharetta metro area in 2023. The average income of these households was $99,000, compared to a property value of $395,000. Metro Phoenix had the second-highest number of mortgages originated by baby boomers, with 27,745.

• San Francisco is baby boomers’ least favorite city. The San Francisco metro area’s metrics are unfavorable for affordability, with the average new baby boomer household earning an average of $216,000 and property values ​​rising to $1.55 million. The region has the slowest rate of baby boomers buying homes relative to population, with just 2,626 mortgages issued last year.

• Baby boomers enjoyed the best interest rates in these metros. Three metro areas are tied for the lowest interest rates given to baby boomers, at a median of 6.625% in 2023. These include Austin, Texas (ranked 28th overall for the rate at which baby boomers are buying houses); Milwaukee, Wis. (10th); and San Antonio, Texas (25th).

Top 10 metropolitan areas where baby boomers are buying the most homes

1. Raleigh-Cary, North Carolina

• Percentage of local baby boomers who purchased a home in 2023: 2.76%

• Total number of mortgages from baby boomers in 2023: 8,215

• Median mortgage interest rate for baby boomers: 6.75%

• Median property value of baby boomer purchases: $445,000

• Median income of new baby boomer home buyers: $112,000

1. Nashville-Davidson-Murfreesboro-Franklin, Tennessee

• Percentage of local baby boomers who purchased a home in 2023: 2.66%

• Total number of mortgages from baby boomers in 2023: 11,410

• Median interest rate on baby boomer mortgages: 7.00%

• Median property value of baby boomer purchases: $465,000

• Median income of new baby boomer home buyers: $105,000

1. Phoenix-Mesa-Chandler, Arizona

• Percentage of local baby boomers who purchased a home in 2023: 2.64%

• Total number of mortgages from baby boomers in 2023: 27,745

• Median mortgage interest rate for baby boomers: 6.75%

• Median property value of baby boomer purchases: $475,000

• Median income of new baby boomer home buyers: $107,000

1. Indianapolis-Carmel-Anderson, IN

• Percentage of local baby boomers who purchased a home in 2023: 2.63%

• Total number of mortgages from baby boomers in 2023: 11,891

• Median mortgage interest rate for baby boomers: 6.99%

• Median property value of baby boomer purchases: $305,000

• Median income of new baby boomer home buyers: $87,000

1. Charlotte-Concord-Gastonia, NC-SC

• Percentage of local baby boomers who purchased a home in 2023: 2.60%

• Total number of mortgages from baby boomers in 2023: 15,096

• Median mortgage interest rate for baby boomers: 6.95%

• Median property value of baby boomer purchases: $405,000

• Median income of new baby boomer home buyers: $98,000

1. Jacksonville, Florida

• Percentage of local baby boomers who purchased a home in 2023: 2.60%

• Total number of mortgages from baby boomers in 2023: 10,186

• Median mortgage interest rate for baby boomers: 6.75%

• Median property value of baby boomer purchases: $405,000

• Median income of new baby boomer home buyers: $102,000

1. Tampa-St. Petersburg-Clearwater, Florida

• Percentage of local baby boomers who purchased a home in 2023: 2.43%

• Total number of mortgages from baby boomers in 2023: 19,878

• Median mortgage interest rate for baby boomers: 6.99%

• Median property value of baby boomer purchases: $395,000

• Median income of new baby boomer home buyers: $99,000

1. Orlando-Kissimmee-Sanford, Florida

• Percentage of local baby boomers who purchased a home in 2023: 2.39%

• Total number of mortgages from baby boomers in 2023: 13,892

• Median mortgage interest rate for baby boomers: 6.89%

• Median property value of baby boomer purchases: $415,000

• Median income of new baby boomer home buyers: $103,000

1. Columbus, Ohio

• Percentage of local baby boomers who purchased a home in 2023: 2.38%

• Total number of mortgages from baby boomers in 2023: 10,557

• Median mortgage interest rate for baby boomers: 7.25%

• Median property value of baby boomer purchases: $345,000

• Median income of new baby boomer home buyers: $95,000

1. Virginia Beach-Norfolk-Newport News, VA-NC

• Percentage of local baby boomers who purchased a home in 2023: 2.37%

• Total number of mortgages from baby boomers in 2023: 9,543

• Median mortgage interest rate for baby boomers: 6.99%

• Median property value of baby boomer purchases: $365,000

• Median income of new baby boomer home buyers: $100,000

Data and methodology

To find out where baby boomers are buying homes at the fastest rates, SmartAsset reviewed Home Mortgage Disclosure Act data for 2023. Specifically, mortgages issued to people aged 55 to 74 were taken into account, relative to the size of the local population aged 55 to 74, according to the data from the 2022 Census Bureau. The median income of new baby boomer homeowners, as well as the value of the subject property and the interest rate, were also taken into account.

This story was produced by Smart asset and edited and distributed by Stacker Media.