As Nevada’s baby boomers entered their 60s and 70s, their housing choices began to reshape neighborhoods across the state. Some cashed out and downsized, others stayed put in homes bought decades ago, and a surprising number made moves—both in and out of Nevada. Between 2018 and 2023, this generation’s real estate decisions reflected more than just age—they revealed how retirement, rising home values, and shifting priorities are changing what it means to “settle down” in the Silver State.
Growing Presence of Baby Boomer Homeowners
Baby boomers make up a significant and growing share of homeowners in Nevada. Nationally, older Americans have gradually come to own the majority of homes: Americans over 55 held about 44% of owner-occupied homes in 2008, but by 2023 they owned 54% – a historically high level. This reflects how the boomer generation has increasingly dominated homeownership as they’ve aged.
As of 2023, an estimated 39.2% of Nevada’s owner-occupied households were headed by baby boomers, one of the highest proportions in the country. In other words, roughly four out of ten Nevada homeowners are boomers.
Demographic Shifts Driving Homeownership
Part of the reason is demographics. Nevada’s population of older adults has grown quickly. In the four years leading up to 2018 alone, the number of Nevadans age 65 and over jumped by about 19%. By 2019, roughly one-third of Nevada’s residents were age 55 or older.
This surge is due both to the aging of long-time residents and an influx of retirees from other states. Between 2011 and 2019, Nevada’s 55+ population grew by roughly one-third, far outpacing growth in younger age groups.
Because older households are far more likely to own homes than younger ones, this aging population translated into a higher homeownership rate for the state. Nationally, about 80% of baby boomers own the home they live in, compared to only 55% of millennials. Nevada’s overall homeownership rate in recent years has hovered around 59–60%, which is a bit below the U.S. average, but among boomers in Nevada it is much higher (well over two-thirds are homeowners).
Buying and Selling Patterns Among Boomers
In the period 2018–2023, baby boomers increasingly became key players on both sides of real estate transactions. National data show that boomers overtook younger generations as the largest group of home buyers and sellers during these years.
In 2022, people aged roughly 58 to 76 (the boomer generation) accounted for 39%–42% of all U.S. home purchases, surpassing millennials as the top home-buying generation. Boomers also made up about 53% of home sellers in that period. This was a big change from a decade earlier, when millennials and Gen X were more prominent in home sales.
Financial Advantages in the Market
Many Nevada boomers who chose to move in recent years were able to do so from a position of financial strength: they often had substantial equity or fully paid-off homes, allowing them to buy their next house with cash or minimal financing. In fact, about half of older baby boomers (age ~70+) purchasing homes nationwide paid entirely in cash, a trend likely mirrored in Nevada’s retiree-heavy home buyer pool.
Cash offers gave them an edge in Nevada’s competitive housing market, especially during the frenzied 2020–2022 boom when bidding wars were common.
Selling to Capitalize on Rising Values
At the same time, many boomers took advantage of rising home values during 2018–2023 to sell properties and cash in. Nevada home prices climbed rapidly in the late 2010s and especially in 2021–2022, which gave longtime owners a chance to realize big gains.
The average Las Vegas resale home price in 2023 was around $463,000 – up roughly 16% per year during 2021–2022. Homeowners who had bought years earlier, or during the post-2008 downturn, saw their home values recover and then some. Many boomer sellers in Nevada had owned their homes for over a decade before selling. According to the National Association of Realtors, older boomers typically owned their house for 16 years prior to sale.
Personal Motivations Beyond Finances
Not all boomer buying and selling is simply driven by profit. Surveys show that baby boomers often move to be closer to friends or family, to enjoy retirement, or because they want a smaller home.
On the selling side, many Nevada boomers who listed their homes did so because their current house was too large or became hard to maintain, or because they decided to relocate nearer to adult children. In fact, wanting to live closer to family (or conversely, to have family move in) has been a major factor – some boomers have purchased homes with extra space for multigenerational living, while others sold and moved closer to grandchildren.
Staying Put: The Dominant Trend
One striking trend is that most Nevada baby boomers are not downsizing or moving in this period – they are staying in their longtime homes. Despite the expectation that many would sell the big family house and move to a retirement community or condo, the majority have not done so.
A national survey in 2024 found that 78% of homeowners age ~60–78 plan to “age in place,” meaning they intend to stay in their current home as they grow older. Only about 20% said they were even considering moving to a 55+ retirement community. This lines up with what real estate agents in Nevada have observed: a lot of boomers are simply remaining where they are, enjoying homes that are often already paid off.
Financial Reasons to Stay Put
Why are so many choosing to stay put? Financial reasons are a big part of it. There’s often little incentive for boomers to sell and downsize in the late 2010s/early 2020s. Many Nevada boomers either own their homes free and clear (no mortgage) or have a very low monthly payment locked in from refinancing at record-low interest rates.
In fact, over half of boomer homeowners nationally have no mortgage at all (54%). Those who do have a mortgage likely secured extremely low interest rates (under 4%) during the 2010s. If they were to sell and buy a new home now, they’d face much higher interest rates and prices, essentially “trading up” to a larger monthly cost for a smaller place.
Additionally, Nevada has relatively moderate property taxes and no state income tax, making it affordable for many retirees to stay in their single-family homes without a heavy tax burden.
Lifestyle and Emotional Attachment
Lifestyle and emotional factors matter, too. Many boomers simply love their current home and see no reason to move. In the Redfin survey, 51% of those staying put said it’s because they like their home and don’t need to move. Their community ties are there – neighbors, friends, familiar doctors, favorite stores. Uprooting in one’s 60s or 70s can be daunting.
Interestingly, about 27% of boomers not planning to sell said it’s because their home is already paid off and another 21% said it’s because home prices (and interest rates) are too high now to justify buying again. Essentially, they feel “why swap a house that’s affordable (or fully owned) for a new, expensive one?”
Impact on Housing Inventory
For Nevada’s housing market, this “staying put” trend has had consequences. With so many boomers not moving, fewer homes are being listed for sale. That has contributed to the tight inventory of homes on the market, especially in desirable areas.
The fact that the vast majority of boomer homeowners plan to age in place is prolonging the shortage of homes for sale. In other words, because older owners aren’t selling as much, there are fewer opportunities for younger buyers to purchase homes, which keeps supply low.
Migration Patterns: Coming and Going
Migration is a key part of Nevada’s boomer homeownership story. Nevada has long been a magnet for retirees and older movers, and 2018–2023 was no exception. The state continued to see more people moving in than moving out, and a good portion of those movers were in the baby boomer age range.
A prime example is migration from California: From mid-2017 to mid-2018, over 50,000 Californians moved to Nevada, accounting for nearly 40% of Nevada’s new arrivals from other states. Many of those newcomers were older adults seeking a more affordable or tax-friendly place to retire.
What Attracts Boomers to Nevada
Nevada’s allure includes no state income tax, a lower cost of living (especially compared to coastal California), and a warm climate – all factors that attract retirees.
Statistics bear out Nevada’s retiree draw. In 2022, Nevada was among the top states for retiree in-migration. One study found that in a single recent year, roughly 3.5% of Nevada’s senior (65+) population had moved in from out-of-state.
Popular Destinations Within Nevada
Southern Nevada (Las Vegas area) attracts the lion’s share of older newcomers. Around 70–75% of seniors who migrate to Nevada settle in the Las Vegas region (Clark County). This makes sense – Las Vegas offers world-class entertainment, healthcare facilities, and plenty of 55+ communities and activities.
During 2018–2023, Henderson in particular emerged as a retirement hotspot. In fact, Henderson was ranked the #1 city in the nation for retirees in 2018, according to a SmartAsset analysis of Census data. As of 2022, seniors (65+) made up about 21% of Henderson’s population (up from 14% in 2010).
Nevada’s northern region (Reno/Sparks area) has also seen boomer migration, though on a smaller scale. Reno (Washoe County) offers a different lifestyle – four seasons, proximity to Lake Tahoe, and a smaller-city atmosphere. By the early 2020s, about 16% of Washoe County’s population was 65+, indicating a growing senior base (though not as large as in Las Vegas).
Rural Nevada’s Appeal
Interestingly, some baby boomers have also been moving into Nevada’s rural areas and smaller towns. While most people might assume retirees only want the big cities or warm Sunbelt metros, Nevada’s data shows that rural communities have seen the fastest percentage growth in residents aged 65–74 in recent years.
Areas like Pahrump – a town in Nye County about an hour outside Las Vegas – have become popular with retirees seeking a quieter, small-town life with affordable housing. As a result, nearly 28% of Pahrump’s county (Nye County) residents are 65 or older, one of the highest senior concentrations in the state.
Comparing 2018–2023 vs. 2008–2017
The housing trends among Nevada’s baby boomers from 2018–2023 differ in some important ways from the prior decade (2008–2017). The late 2000s and early 2010s were marked by the housing market crash and Great Recession, which hit Nevada extremely hard.
In 2008–2012, home prices in Nevada plummeted and foreclosures skyrocketed. This crisis affected many baby boomers who owned property at the time. Some lost their homes to foreclosure or short sales when values fell below their mortgage balances. Others became “underwater” on their mortgages and felt stuck.
Market Recovery and Confidence Return
By contrast, 2018–2023 was a time of strong housing market conditions, which empowered boomers who did want to make a change. Home values recovered and surpassed their pre-crash peaks. This meant Nevada boomers in the late 2010s finally regained equity that might have been lost in the recession, enabling more of them to sell if they wished.
Moreover, economic growth returned, and Nevada once again became the nation’s fastest-growing state by 2018. Many boomers who had delayed retirement moves during the shaky years jumped back in after 2015 or so.
Inventory and Demographic Changes
Another key difference is inventory and new construction. In the 2008–2017 period, especially the early part, Nevada actually had an excess of housing for a while (due to all the foreclosures and empty homes after the bubble burst).
Fast forward to 2018–2023, and the script flipped: Nevada faced a shortage of homes for sale relative to demand. This tighter market made it harder for boomers to find suitable smaller homes even if they wanted to downsize.
Demographically, the boomer generation was younger in 2008–2017 (many were in their 50s and still working). By 2018–2023, they were older (60s and retired or nearing retirement). This naturally changes behavior. By 2018, most boomers were empty nesters and more free to choose where to live.
Key Motivations for Nevada’s Boomers
What drives Nevada’s baby boomers in their housing decisions? It comes down to a blend of financial and lifestyle considerations.
On the financial side, Nevada offers tax advantages (no income tax, relatively low property taxes) that encourage homeowners to stick around. Many boomers refinanced into low mortgage rates or paid off their homes, making their monthly housing costs minimal – a hard deal to give up.
Lifestyle Choices
Lifestyle factors are equally important. Many baby boomers have deep roots in their communities. Those who moved to Nevada from elsewhere often did so because they wanted the specific lifestyle Nevada provides – whether that’s the excitement of Las Vegas entertainment, outdoor recreation like hiking and golfing, or just the generally relaxed, sunny desert life.
Proximity to family is a top motivation. Some boomers move to Nevada to be near family. Conversely, some move away for family – if their children and grandchildren are back in another state.
Health and age-related needs also start to factor in: as boomers approach their 70s and 80s, access to good healthcare becomes critical. Las Vegas and Reno both have expanding medical facilities specifically because of the growing senior population.
Urban, Suburban, or Rural?
Housing type preference often comes down to personal lifestyle choices made possible by retirement:
- Urban living (like a condo on the Las Vegas Strip or in downtown Reno) appeals to a minority of boomers who want culture, dining, and entertainment at their doorstep.
- Suburban living is most common: a quiet neighborhood, maybe age-restricted, with friends nearby and shopping and healthcare within a short drive. Suburbs like Summerlin, Green Valley (Henderson), and Spanish Springs (Sparks) fit this bill.
- Rural living attracts those who value space, independence, and tranquility – places like Pahrump or the outskirts of Carson City offer this.
Conclusion
From 2018 to 2023, Nevada’s baby boomers have largely been settling in rather than selling out. They comprise a huge portion of the state’s homeowners and have been exercising their choices: a few are buying new homes (often paying cash) to be closer to family or enjoy retirement, some are selling long-held properties that are too large or relocating for personal reasons, but most are staying put in the homes they already own.
Nevada continues to be a top destination for boomer retirees coming from out of state, thanks to its favorable tax climate, sunny weather, and communities tailored to seniors. This has boosted the population of older homeowners across the state, from the master-planned subdivisions of Las Vegas to quiet rural enclaves like Pahrump.
The tendency of boomers to hold onto their homes longer has contributed to low housing inventory, a double-edged sword that keeps their asset values high but makes it tougher for the next generation of buyers.
In summary, Nevada’s baby boomers between 2018 and 2023 are aging in place in large numbers, with gradual shifts: some downsizing into more manageable homes or moving closer to kin, and others migrating into Nevada to join the ranks of homeowners here. Their choices are driven by practical finances and the simple desire to enjoy life in a comfortable home.
References
- Baby Boomer-Dominant Housing Markets (2024) – Construction Coverage
- ‘Til Death Do Us Part: More Than Three-Quarters of Baby Boomers Plan to Stay In Their Home As They Grow Older – Redfin News
- Empty Nesters Own Twice As Many Large Homes As Millennials With Kids – Redfin News
- Baby Boomers Regain Top Spot as Largest Share of Home Buyers – National Association of Realtors
- 2023 Home Buyers and Sellers Generational Trends – National Association of Realtors
- Nevada passes 3 million population mark with push from departing Californians – Associated Press (via Press Democrat)
- Gray boom: Surge of senior citizens is changing Nevada’s economy – Al Jazeera America
- Nevada’s Elders Count 2023 – Nevada Aging Services
- Las Vegas-Henderson-Paradise NV Housing Market Analysis 2024 – HUD (Comprehensive Housing Market Analysis)
- 2017 – Retirees Seek Adventure – United Van Lines
