By Kzenon @Adobe Stock
How about a Break from Politics
Georgetown, TX, has been the fastest-growing US city for three straight years. Within Georgetown is a planned community (Sun City) tailored to residents 55 and older, Roughly 17,000 occupants are driving the Georgetown economy, reports the Wall Street Journal.
“It’s like they’re at college except…they have $3 million in the bank,” reports Georgetown Mayor John Schroeder..
The median household income in Sun City is $84,000, in line with the rest of the US, but its residents are spending big from pension checks, stock portfolios, and retirement savings—and most have already paid off their homes.
“We have more fun than our daughter,” one retired resident told the WSJ.
What they definitely have is more cash.
While most young adults can only stare at Zillow listings and dream, Americans 55 and older possess ~70% of household wealth, up from 50% in 1989, per the Federal Reserve. Boomers also account for 45% of US personal spending, up from 29% three decades ago, according to Moody’s Analytics.
Older people are being targeted. But it’s not a phishing scam—according to a survey of nearly 60 developers, about half are going after the boomer dollar by working on age-restricted communities like Sun City.
Brought to you by “Morning Brew.”
