You Can Always Go...Downtown?
Where does housing inventory currently exist for dual income empty nesters, the DINK 2s? Urbanists rejoice, because for a particular subsection of DINK 2s, the answer can be found in the cities. Increasingly, DINK 2s are moving “downtown”. So much so, this trend has been referenced as “Urban Retirement” by the AARP.
These DINK 2s may simply be following the advice from Petula Clark, as sang in 1966:
“When you're alone and life is making you lonely
You can always go - downtown.
When you've got worries all the noise and the hurry
Seems to help I know downtown.”
New urbanism developments once slated for occupancy by DINK 1s are garnering interest from these DINK 2 Urban Retirees. The DINK 2s are drawn to cost savings by downsizing, proximity to amenities, entertainment, and housing inventory that fits their new lifestyle better than the suburbs. Another underrated benefit: the ability to navigate without a car. According to an AARP study in 2010, roughly half of participants 45 and older placed importance on living close or in an area where it’s easy to walk to social organizations such as church.
An example of the attraction of big cities from Jonathan Smoke, chief economist for realtor.com®, “If you can afford to live in Manhattan, it's a great place to be older, You're not shoveling snow. You can walk or get transportation to any doctor or service you need. And you have a friendly doorman that pays attention to you and acts as an additional caretaker.”
Some DINK 2s purchase their new downtown residences with help of funds from the sale of their larger suburban residences. Other DINK 2s consider renting as trial period before committing to the new lifestyle.
Municipalities are beginning to revise services and develop infrastructure to better accommodate the shift in demographics. In many cities, building standards are increasingly addressing accessibility concerns both in public and private structures. Also, cities are also creating advertising campaigns to attract DINK 2s from other locales. If successful in their mission, studies have shown that the migration (or retention) of retirees aid the growth of many economic indicators including personal and disposable income and net state revenues.
While traditionally (and still popularly) retirees from northern states migrate southerly to warmer climates like Florida, this trend runs counter. In cities such as Boston, trends show DINK 2s moving out of suburbs like Wellesley, Wayland, and into the Boston city limits. When urban retirement occurs in Boston and other cities with harsh winters like Detroit, DINK 2s choose to keep the climate in return for the benefits of a more urban life.