• Dec 15, 2017 Retirement motivates majority of out-of-state homebuyers coming to Las Cruces
    Gary Sandler
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    Published 15 December 2017

    LAS CRUCES – According to the Pew Research Center, baby boomers are currently retiring at the rate of 10,000 per day. According to a Dec. 7 report from the Las Cruces Association of Realtors, retirees currently make up almost one-third of all out-of-state homebuyers who purchase homes in the Las Cruces area.

    A sampling of 243, or 7.1 percent, of the 3,424 sales of new and existing homes, townhomes and condominiums that closed between Jan. 1, 2016 and Nov. 30, 2017, revealed that homebuyers from 31 different states and three countries chose to make Las Cruces their new home. Retirees were responsible for 31.7 percent of those sales.

    Another 16.5 percent of inbound households moved to our area to take a new job, while an additional 10.3 percent purchased an investment property. The remaining 41.5 percent of the out-of-staters were either first-timers, buyers who moved up or down in size or price, or buyers who cited health as the reason behind their moves.

    Where homebuyers lived. (Photo: Las Cruces Association of Realtors)

    Just under two-thirds (64.6 percent to be exact) of all out-of-state homebuyers who moved to our area during the reporting period hailed from just four states: Texas (28.8 percent), California (15.2 percent), Arizona (10.7 percent), and Colorado (9.9 percent).

    In its 2016 National Movers’ Study, United Van Lines cited 27.13 as the percentage of inbound household moves to New Mexico that were motivated by retirement. The percentage includes both homebuyers and renters. The survey also indicates that 50 percent of New Mexico’s inbound relocations were made by people who were 55 years of age and older at the time of their move. Retirees paid an average of $220,944 for their Las Cruces-area replacement homes in 2016 and $244,441 through Nov. 30 of this year. The average sales prices for homes purchased by non-retirees in 2016 and 2017 were $176,005 and $190,779, respectively, leaving no doubt that retirees are a positive influence on our local economy.

    The Pew report also notes that it will take until 2030 for the remaining baby boomers to reach the magic retirement age of 65. At that time, 18 percent of our nation’s population will have reached that milestone, up almost 35 percent from today’s 13 percent. Let’s hope that increasing numbers of them continue to make Las Cruces their retirement destination.

    See you at closing.

    Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at 575-642-2292 or Gary@GarySandler.com.

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      Gary Sandler