In New Mexico, baby boomers are making moves that ripple through the housing market.
Between 2018 and 2023, many hit key life transitionsretirement, health shifts, or the urge to simplify.
These choices werent just personal; they reshaped local markets, influenced home prices, and shifted demand.
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Growing Senior Population in New Mexico
New Mexicos population has been aging rapidly.
By 2020, 18.5% of New Mexicans were 65+ (13th highest among states).
Homeownership Among Boomers
One result is that baby boomers hold a large share of New Mexicos homes.
They may have paid off their mortgage or locked in low monthly payments, making staying put financially comfortable.
Property tax breaks for seniors and familiarity with their home also encourage them to remain.
Financial Incentives for Staying
Financial incentives are a big reason for staying put.
Renting offered no reprieve, as median rents jumped ~60% in that period.
When boomers sold, they were indeed likely to buy smaller homes or condos.
Buyers age 57 and up were far more likely to purchase asmallerhouse than younger buyers.
Family-Driven Relocations
Family considerations are a major motivation.
Baby boomers commonly relocate to be closer to adult children or grandchildren.
By 2020, about 42.8% of Santa Fe households included a senior member a very high share.
Some boomers became renters during 20182023 by selling their home and choosing not to buy again.
In New Mexicos cities like Albuquerque, there are 55+ apartment communities and rentals that cater to seniors.
However, renting comes with trade-offs.
One challenge is cost: rents have surged in New Mexico, rising much faster than national averages.
Older renters on fixed incomes may struggle with these increases.
The same likely holds in New Mexico, especially in high-demand areas.
Multigenerational Housing
Another trend is multigenerational housing.
About 1 in 10 boomers nationally were considering moving in with adult children or other relatives as they age.
This setup can help everyone: grandparents get support with daily needs while providing childcare or household help.
A small segment eventually require assisted living or nursing homes, typically the older boomers in their 80s.
During 20182023, only about 10% of boomers anticipated moving to an assisted-living facility.
Most prefer to delay that as long as possible, often bringing in home health aides if needed.
Urban vs.
Rural Housing Patterns
Housing trends among boomers vary significantly between urban and rural areas of New Mexico.
Rural Housing Trends
Many rural counties in New Mexico have very high concentrations of senior households.
Other rural counties like Harding, Mora, and Guadalupe all have over half of households with seniors.
In these areas, baby boomers are often aging in place on family land or in longtime homes.
They may be far from services, which can be a challenge.
Rural boomers who stay put sometimes live in aging housing stock older homes or trailers that may need repairs.
Access to hospitals is a draw for those with health needs.
About 2.36% of its population in a recent year were new boomer transplants (over 2,600 people).
Many boomers here have aged in place in suburban homes they bought decades ago.
Santa Fe and Northern New Mexico
Santa Fe is unique with its high percentage of retiree residents.
They tend to be homeowners (renting is costly and less common for this group).
Surrounding areas like Taos, Los Alamos, and Rio Arriba County also have older populations.
During 20182023, it consistently appeared in lists of best places to retire.
Many boomers are on fixed retirement incomes, so they seek affordable options.
Conversely, retirees from high-cost states movedintoNew Mexico to take advantage of lower prices.
Best value retirement destinations like Las Cruces have drawn boomers due to low median housing costs.
Rapid price increases from 2018 to 2023 made some boomers hesitate to move since downsizing didnt guarantee saving money.
Healthcare Access
As boomers age, access to doctors and hospitals becomes more important.
Many choose housing that is near medical facilities.
In New Mexico, this often means being in or near a city.
Lifestyle and Climate Preferences
Many housing choices are aboutquality of life.
New Mexico offers diverse climates and lifestyles, and boomers pick what suits their retirement dreams.
Some want a vibrant social scene with museums, restaurants, and classes Santa Fe and Albuquerque provide that.
Family and Social Connections
Family is a top priority for many boomers.
Housing decisions often hinge on where children or grandchildren live.
Additionally, social networks and friendships play a role.
Home Features and Practicality
Some motivations are about the house itself.
If their two-story family home became hard to navigate, they considered downsizing to a one-level home.
They owned many homes, but by 20182023 their share grew significantly.
In New Mexico, with its aging population, the swing was likely even larger.
Increased Aging in Place
While aging in place has long been common, the extent increased.
Surveys show more boomers intend to age in place now than a decade ago.
The COVID-19 pandemic (20202022) in particular made many older people delay moves.
On the flip side, younger peoples out-migration accelerated, leaving an older population mix.
Some boomers postponed retirement moves because their home values had dropped.
By 20222023, rates spiked again, freezing many in place to avoid new loans.
This dynamic boomersnotmoving because they dont want a new high-rate mortgage simply didnt exist in 20082017.
In 20082017, New Mexico had fewer 55+ communities or senior apartments.
By 20182023, more of these had been built.
This gave boomers more choices to move into specialized housing if they wanted.
However, supply still hasnt fully met demand, especially in rural areas.
