Baby boomers stimulate economy

The 60 percent decline in home prices in Las Vegas since 2006 has opened the door for out-of-state retirees to move to the region and stimulate the housing market, real estate observers say.

According to the Las Vegas Sun, Vegas has been relying on investors and first-time homebuyers to swoop up a lot of the inventory triggered by foreclosures — but Realtors and housing analysts note it is uncertain how long that can last.

Homeowners looking to upgrade have remained on the sidelines because many are unable to sell their homes since values have declined so much. People are lured to Las Vegas by jobs, and with the weak economy, they aren’t moving here.

That means retirees could be an important piece of the puzzle until the economy recovers.

“I believe they could be an even more important component,” said Linda Rheinberger, president of the Nevada Association of Realtors and owner/broker of One Source Realty in Las Vegas. “Unless we concentrate on job creation, we are forced to consider retirees and people who are not subject to the job market as a crucial part of our economy.”

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Category: Baby Boomer Culture