Key Takeaways
- Georgetown’s population growth led by baby boomers in Sun City.
- Seniors’ spending boosts local economy, creating jobs and filling city coffers.
- Migration trends show retirees moving South, leveraging wealth to buy homes in cash.
What Happened?
Georgetown, Texas, has emerged as the fastest-growing city in the U.S., thanks largely to an influx of baby boomers. The planned community of Sun City Texas, spanning 5,421 acres, has become a haven for retirees 55 and older.
With a median age of 73, the community boasts amenities like pools, fitness centers, and pickleball courts. Georgetown’s population grew nearly 11% in 2021, 14% in 2022, and another 11% last year. This growth has boosted the local economy, with the city’s operating budget and rainy day fund both thriving.
Why It Matters?
Georgetown’s demographic shift highlights the increasing economic influence of older Americans. Baby boomers now control nearly 70% of U.S. household wealth, up from 50% in 1989, and they account for 45% of personal spending.
This wealth translates into significant local economic impact. Georgetown Mayor Josh Schroeder aptly describes the Sun City retirees as “active and eager to spend,” turning the community into an economic powerhouse. Stores, restaurants, hospitals, and health clinics in Georgetown add hundreds of jobs annually, driven by the spending power of these older residents.
What’s Next?
Expect continued growth and economic activity in Georgetown as more retirees move to Sun City. With PulteGroup planning to sell the final house in 2028, the community will likely keep expanding. The trend of older Americans migrating South shows no signs of slowing, despite high mortgage rates affecting younger families.
Developers will likely continue targeting this demographic, with more age-restricted communities popping up in Texas, Florida, Arizona, and the Carolinas. Investors should keep an eye on sectors like healthcare, real estate, and consumer goods that cater to the spending habits of older Americans.
