A recent study conducted by the Washington Economics Group ranks Memphis, Tennessee as the No. 2 destination for millions of baby boomers looking to retire, second only to Tallahassee, Florida, which ranked No. 1. Through analysis of baby boomer trends and preferences, as well as scientific comparisons of over 20 potential ideal retirement communities, it was noted that pending retirees should and do, for the most part, look to Southern college towns for the best combination of climate, cost of living, health care, and other priorities.
The final report, titled “Best Choice for Retiring Boomers: Head South — An Analysis of Selected U.S. Cities,” supplements a similar survey directed by Mason-Dixon Polling & Research, which found that one-third of baby boomers who would move to another state given desirable conditions, namely, a mid-sized town that offers a mostly warm, mild climate, a low cost of living, favorable tax rates, and a top quality health care system. Also in the top 10 behind Tallahassee and Memphis were Athens, Ga., Tuscaloosa, Ala., Oxford, Miss. and Charleston, S.C. (tied), Louisville, Ky., Richmond, Va. and Pittsburgh, Pa. (also tied). Given the rapid “Graying of America,” we can expect to see a large influx of retirees heading to these places, making investing out of state and in the Memphis market, in particular, as ideal and lucrative as the Southern climate itself.