Today is a happy day, at least according to a story in the Washington Post. Today 11,000 people – give or take – will retire in the United States.
The article spells it out thusly:
“There were 76 million people born between the years 1946 and 1964, the traditional window for the baby boom generation. That means that they will retire over a 19-year period. Simple math shows that 76 divided by 19 is 4 million, or almost 11,000 people a day.”
And among many of these soon-to-be-retired baby boomers, life is about to get even happier.
According to a study by one of Canada’s big banks, Canadian Imperial Bank of Canada (CIBC) : baby boomers (in Canada) are poised to inherit approximately $750 billion over the next decade or so.
CIBC economist Benjamin Tal sums it up this way:
“This significant wealth transfer could impact important economic variables such as wealth distribution, savings, labour market participation, start-up activity, and real estate markets”
Retirement Boom + Inherited Wealth + Love for Mexico = Real Estate Bonanza
You’ve likely seen the headlines about Puerto Vallarta; its condo boom, the increase in tourism, its glowing reviews as a place to retire. Everyone, or so it seems, from Forbes Magazine to the Huffington Post, is singing Mexico’s praises; the dollar-to-peso exchange, climate, close proximity and access, quality health care, overall affordability, and safety.
And given all of these factors, one could easily argue that the boom that is currently happening may be the tip of the iceberg.
Simply Put, You Better Beat the Property Rush to Mexico.
Indeed, Puerto Vallarta’s rock-star-like-popularity is about ready to explode. 2017 saw record numbers in tourism, real estate transactions and dollars spent. Plus, with the recent surge in condo developments – most of which are selling at a brisk pace – bid and ask prices will only climb.
In summary, you better get your little slice of heaven – a Puerto Vallarta property or vacation condo rental or two – before the other 11,000 a day discover this paradise and outbid you. The retirement wave is coming.
Contact us today to learn more about Puerto Vallarta Real Estate.