I keep seeing articles about how Americans do not have enough funds for retirement. That would imply that some of these people will have to move to lower cost locations for retirement right? Have anyone seen any recent articles that talks about the impact this could have on real estate prices in high cost locations like the NYC area, especially at a time when loans are harder to get and unemployment is at record high (10.3% and still heading higher). I would imagine that many who are near retirement are also being forced to retire early because unemployment is high and it's generally harder for seniors to find jobs. Have any recent studies account for all this?

There seems to be a SE system issue that caused the duplicate posts.

If you can't afford or, don't like the idea of illegal help you can always move to it.

Welcome to the South of the Boarder old folks home where the tortillas and taquilla blow through you like a hot dry wind. The meds are cheap and for greenbacks you, my friend, can go right to the front of the 'clinic' line for you health care needs. WE DON"T NEED NO FANCY CAT SCANS!

tequila, that's what flows...

Costa Rica could be your place and the medical care is excellent.CIMA in San Jose provided me with great care and my dental implants were done for $500 dollars each, also excellente!

Regarding the effect of a gringo migration it does not appear to be very significant. Real estate agents have been pushing this in Costa Rica for quite some time, that the millions of underfunded boomers would seek shelter outside of the US.

Since the implosion of RE in the US it is cheaper to buy here than in many places in CR that would be comparable. Imported goods are more expensive although food is considerably less expensive if you buy local and not in a large super mercado. For many typical US gringos I think they find it hard to adjust to life in "3rd world" countries.

http://www.dailymail.co.uk/news/worldnews/article-1204029/British-couple-hacked-knife-wielding-robber-Caribbean-resort-island.html

Certainly no shortage of violent crime here in NYC or the US for that matter. I will spare you any gruesome links...

Did I say the Caribbean?
Central and South America my gringo AARPers. Anywhere can be dangerous. Tickets to the Rio Olympics will no doubt be marketed with travel health insurance so WHEN you are attacked and robbed during your visit the expensive airlift back to a reconstructive surgical critical care center in a major US city will be affordable. Woo Woo!!! Great choice Olympic committee! 65% of the land mass of greater Rio is under the control of armed criminal gun men. Prehaps the gold metals should be saved for those who make it back to the Airport and on to a plane. Or we can make the Olympic medals more like the Nobel prize and hand them out as the athletes arrive to encorage them to do good sports.

Lots of nice places in the U.S.A.

You could retire to a beautiful Florida place and still keep a Manhattan studio and be well ahead of just owning a Manhattan two-bedroom.

I am far from retirement age. My question (op) is more about the effect it will have on high cost locations like the NYC area when these people "have to sell" to move to lower cost locations (more likely still within the US).

I do have a friend approaching retirement. He owns his own place and is, indeed, considering moving as NYC really is an expensive place for a retiree.

As the boomers move into retirement this could, indeed, become an issue.

People have been leaving NYC for retirement due to high cost of living for a while. I don't think this is a new thing. It might be more the middle class that has to leave. We have plenty of people from Queens, the Bronx, and Brooklyn down here in Georgia. I doubt this has any new effect on prices in NYC especially Manhattan.

Agreed, some retirees have always moved to Staten Island and FL for example after retirement throughout the years. I am just wondering whether the continuing effect of the recent recession, high # of under funded baby boomers retiring at the same time, and drop in prices in places like FL would result a significantly greater # of migrations than what we have seen in the past.

http://ny1.com/1-all-boroughs-news-content/108036/report--1-5-million-nyers-left-state-over-eight-years

"High taxes and a high cost of living are sending more and more New Yorkers packing, according to a new study by the Empire Center for New York State Policy.

The report says 1.5 million New Yorkers, many of them from the city, left the state from 2000 to 2008.

It is the biggest out-of-state migration in the country, and amounts to about 8 percent of the state's population.

The study finds the exodus cost the state more than $4 billion in tax revenue.

Florida and New Jersey were the top destinations for New York refugees."

find it very odd as new jersey's property taxes are out of control. maybe they move to new jersey as renters?

this thread assumes that baby boomers will retire. imho they will not, most of them might seem retired but they are actually unemployed. most of the elders don't have enough saving to afford not working almost anywhere imho (thailand, bangladesh, pakistan, those are gonna be the "affordable" retirement heavens).

i have read that retirees in Manhattan are in better health than suburban areas, due to all the foot-travel, stairs, etc. In the suburbs you don't have to walk farther than your car so your bones get brittle and break, then you're too old to drive and you're screwed.

yep glamma, i don't doubt that there are benefits. but for the majority of them, it's just too expensive.

I'm one of the oddballs. I plan to move _to_ NYC after I retire because it will be cheaper than living there while I work.

(And yes, I realize that I could stay put and it would be cheaper to live here than NYC but I'd also blow my brains out, so, for me, it's a quality of {or having any} life issue.)

Anyway, to OPs point, increasing costs will marginally affect prices.

Chicken, meet egg. Are the oldies fit because they live in NYC, or do they live in NYC because they're fit? Hmm.

This is why I think Las Vegas real estate will stage at least somewhat of a recovery. Warm climate. Cheap housing.

My idea of retirement is to the Upper East Side.

Wonderboy...I agree

I am buying with the eyes on retiring in NY as well. I live overseas now. There was a thread where we talk about how much retired people's demographics have changed. Baby boomers will like to retire in NY in much bigger numbers than the previous generations. The draw to cultural life seems to be stronger now than before. Retiring to play golf in Florida is not as cool for many people these days. Seems like we want to be young forever...

For those who can afford to stay in the city after retirement, it's not surprising that most would want to stay. This is a great city after all. It certainly is much better than when I first arrived here in the early 80's.

The question is, how many new retirees can actually afford to stay here compared to retirees 10 years from ago?

"The question is, how many new retirees can actually afford to stay here compared to retirees 10 years from ago? "

I'm sorry, but this is too good a straight line to pass up.......

"Those who bought their apartments with 30 year self liquidating mortgages more than 30 years before retiring (or 15 year mortgages more than 15 years before retiring).

in most of manhattan even after paying off the mortgage, there's the always increasing maintenance and now the very low but surely increasing property taxes. maybe i'm too pessimistic, but tons of old people will find out those fixed costs are too high for them.

the elderly in rent stab or rent control will surely stay imho, not necessarily the "homeowners". but then, i'm not a believer that pensions are gonna be there for baby boomers. also wouldn't be surprised if entitlements are cut w/in the next 5-10 years.

in most of manhattan even after paying off the mortgage, there's the always increasing maintenance and now the very low but surely increasing property taxes. maybe i'm too pessimistic, but tons of old people will find out those fixed costs are too high for them.

the elderly in rent stab or rent control will surely stay imho, not necessarily the "homeowners". but then, i'm not a believer that pensions are gonna be there for baby boomers. also wouldn't be surprised if entitlements are cut w/in the next 5-10 years.