Retirement Hot Spots Are In CA, OR

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IRVINE, CA-Two cities in California and one in Oregon represented the western region of the country in RealtyTrac's newly released top 15 retirement hot spots for real estate investing. Rancho Mirage, CA, ranked 7^th, Florence, OR, ranked 11^th and Seal Beach, CA, ranked 14^th in the firm's report.

Retirement hot spots were determined to have at least one-third of its population age 65 or older. The report found 40 cities nationwide with at least 33% of the population in this category. RealtyTrac ranked the top 15 of the 40 retirement hot-spot cities based on the annual percent change in home prices as of May. Arizona and California each contributed two cities to the list, and Arkansas, Pennsylvania, Oregon and New York each had one city in the top 15.

“These popular retirement cities will very likely be an area of growth in the housing market over the next 15 years as Baby Boomers retire in greater numbers,” said Daren Blomquist, VP at RealtyTrac, in a prepared statement. “The Baby-Boomer generation started retiring in 2011, a trend that will continue at least through 2029, ensuring plenty of demand for both rentals and owner-occupant purchases in these markets for the foreseeable future.”

As GlobeSt.com reported last week, in an effort to boost the nation's considerable inventory of aging homes, RealtyTrac has launched a renovation loan center. Powered by renovation-loan specialist REbuildUSA, the center's goal is to help buyers and homeowners more conveniently take advantage of the Federal Housing Administration's 203k renovation-loan program.

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