Forbes has recently ranked Atlanta as the number one recession-proof place to retire in America.
It’s very encouraging to receive such recognition especially during harsh economic times. The Forbes article points out several positive aspects of Atlanta that not only benefit retiring baby boomers but also the city as a whole.
The traditional warm climate trend for retirement living is slowly reversing. Retiring boomers are actually looking for a less expensive urban setting. Forbes gives us several reasons for the reversal and some reasons why Atlanta was ranked number one on their list.
Housing is Affordable and Values Are Projected To Rise
According to the Forbes article, Atlanta has several affordable housing options when compared to other major U.S. cities. Furthermore, the value of most Atlanta homes are projected to rise 13.4% over the next five years making it a very attractive retirement location for boomers on a budget. As bad as the last year was, our housing market is still in better shape then Miami, one of the more traditional retirement hot spots of the past.
A Lower Cost of Living
Compared to most major cities, Atlanta still has one of the lowest cost of living rates. This is very attractive to those looking for retirement locations. The “Great Recession” has hurt everyone’s savings and I think it has altered the way boomers will retire from now on. Atlanta’s urban settings offer many of the same perks and benefits of other large cities at a much lower cost. This played a huge role in the Forbes Recession-Proof Places To Retire List.
An Expanding Job Market
As we all know retiring baby boomers have been humbled by this recession. For a lot of them, relocation is still very possible, but many will have to continue working in order to do so. This makes a strong job market very important. According to Forbes, the Atlanta job market is poised to grow by 13.5% over the next 5 years.
All of these things contribute to Atlanta’s number one ranking. A lot of other major cities in U.S. share some of these characteristics, but Atlanta has more to offer retirees. This is why we were ranked number one. I think we should be proud and also optimistic about our future.