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Retirees discover the advantages of the Texas Gulf Coast
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4 Comments ::  :: Gulf Coast |
Growing numbers of retirees are discovering the advantages of retirement living on the Texas Gulf Coast. Texas does not tax income, pensions or retirement benefits.
Spanning over 370 miles of white sand beach, Texas’ Gulf Coast region ranks among the best retirement areas in the nation. This popular coastal area has long been noted for a mild climate and fresh seafood.
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Exciting mixes of diverse people of all ages call Texas home. Residents enjoy the expanded services that growth has provided, while the qualities making the Texas Coast a great place to live have been preserved. |
From the city atmosphere of Corpus Christi and South Padre Island to the comfortable small-town ambiance of Bolivar Peninsula, Crystal Beach, and Gilchrist, each community has an individual character developed over generations. These communities are bound by the common thread of a seafaring history, including pirates and Indians.
The Texas Gulf Coast is truly a welcoming destination. Newcomers are welcomed with open arms and appreciated for the diverse tastes and perspectives they add to our communities.
| Known for its hospitality, the Texas Gulf Coast is a major tourism destination. Birding, sport fishing, bay fishing, hiking, swimming, or whatever floats your boat; the Texas Gulf Coast has it all. |
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The world's best shrimp, tasty crabs and succulent oysters harvested from the Gulf and Bay waters are the staples of our local cuisine. Famous restaurants invite you to sample our seafood harvest and unique recipes. Houston’s world famous Texas Medical Center is within an hour drive from many areas of the coast.
Real value in retirement living...
People from across the nation now recognize what we've known all along; the Texas Gulf Coast offers real value in retirement living. Texas offers a high standard of living, beautiful scenery, historical treasures and more.
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Recreational opportunities are as diverse as the people on the Texas Coast. From deep-sea, bay or freshwater fishing, to a lazy day exploring the rivers and bayous to an exhilarating drive down the 370 mile coast, the opportunities to get out and enjoy the great outdoors are unlimited. |
If spending time on the links is your style, you can choose from numerous golf courses on the Texas Gulf Coast. With facilities ranging from modest municipal courses to plush links designed by America's top PGA pros, you'll find a course to challenge your handicap. You can keep on top of your golf game year round.
Fun Facts About Texas- Texas is the 2nd most popular retirement state;
- Texas economy is reaping an additional $751 million annually from older migrants;
- 22% of the Texas population will be retirement eligible by 2030;
- Senior household has the same economic benefit as adding 1.5 jobs in a community;
- Retirees are looking for smaller rural communities with access to urban services;
- Native Texans account for 1/5 of retirees returning to Texas;
- Retirees are moving to be closer to family or care providers;
- Spend average $36,000 year and pay $3000 in state & local taxes; and
- Dedicated income or “Mailbox Money” from Social Security, pensions, savings, etc.
Baby Boomer Retirees- 1 in 5 boomers will relocate upon retirement;
- Retiring younger starting at around age 55; • Healthier, more affluent, more active;
- $2.3 trillion in annual spending power held by highly educated retirees;
- Purchase new homes, pay taxes, create jobs for the community;
- Looking for amenities (shopping, restaurants, recreation), good health services, etc.;
- Looking for sunny climates, lower cost of living, and a better community lifestyle;
- Provide leadership in community service; and
- Create dependable full-time and part-time workforce.
They are coming - the Nation’s First Baby Boomer Receives Her First Social Security Retirement Benefit
As the nation’s first Baby Boomer, Ms. Casey-Kirschling is leading what is often referred to as America’s silver tsunami. Over the next two decades, nearly 80 million Americans will become eligible for Social Security retirement benefits, more than 10,000 per day on average. Ms. Casey-Kirschling is setting the example for millions of her fellow boomers by receiving her retirement benefits in the safest, most convenient way possible. Click Here to Read More
Wall Street Journal Report - Affluent Retirees Transforming Rural Communities
Affluent retirees are descending on remote areas and creating demand for amenities like interior-design stores, spas, and organic markets. For many of the communities, this is the biggest change since the interstate highway system was built in the 1960s.
What’s driving the transformation is a shift in the nature of the economy – thanks to the computer, many good jobs can be done anywhere, says Peter Nelson, an associate professor of geography at Middlebury College and an expert on rural migration.
The impact of rural gentrification drives up the price of property and the influx of money creates new jobs in lodging, restaurants, and other service industries. "What we’re seeing is a class colonization," says Nelson.
One indicator of rural gentrification is an increase in residents’ total dividend, interest and rent income. That measurement, tracked by the Commerce Department, is a sign that new residents – usually retirees – are living off their investments rather than salaries.
For instance, in Teton County, Wyo., home of Jackson Hole Mountain Resort, total dividend, interest, and rental income has risen 177 percent between 1996 and 2005, one of the largest increases in rural America.
Find our why more and more people are turning to the Texas coast for beachfront living. Click here
Hosted by Bryan Pope, associate editor with the Texas A&M Real Estate Center.
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ByCharles Ealy AMERICAN-STATESMAN STAFF @
Friday, February 29, 2008 7:14 PM |
Gulf Coast living 'New urbanism' makes inroads along the Texas shore
It might sound like a contradiction in terms, but the Texas Gulf Coast, long known for its remote stretches, is undergoing a "new urbanism" movement.
Nearly two-thirds of the state's shoreline is protected from development. But where it's permitted, development has been revving up, from Galveston to Mustang Island.
The new, 260-acre Beachtown project in Galveston is typical of what's going on. The community is master-planned by Duany Plater-Zyberk & Co., the firm behind the noted new urbanism developments in Florida — Seaside and Rosemary Beach — that became popular in the 1980s and '90s.
Such communities feature narrow, pedestrian-oriented streets, a mixture of housing types surrounding retail and office space, and numerous squares, plazas and parks.
Waterfront lots at Beachtown go for about $300,000, but lots without a view are selling for as low as $80,000.
Even The New York Times has taken notice of the often-overlooked Texas coast, recently proclaiming Galveston Island as "an emerging Lone Star equivalent of the Hamptons." Coastal Living magazine chose Beachtown as the site of its 2008 Idea House.
Farther south, a project similar to Beachtown is going up on Mustang Island. The $235 million Cinnamon Shore project will have a town center as well as a golf course and multiple parks.
Cinnamon Shore eventually will have about 200 single-family homes and 56 condos, with homesites ranging from $125,000 to $595,000. Prices for completed homes start at $379,900 and go above $1 million.
The big driver behind such projects on the Texas coast is simple: money.
"For anyone interested in oceanfront property, it's the only game left where you can get in for less than $1 million," says Jim Gaines, research economist at the Texas A&M University Real Estate Center.
"The only disadvantage to buying on the Texas coast was that you wouldn't be near a principal, major city, except for the Galveston and Corpus Christi areas. The rest of the coast had been considered fairly remote," he says.
But Gaines says that much of the Mexican Gulf Coast once was considered remote and that Cancún and Cozumel, both in Quintana Roo, sprang up because the government stepped in and helped turn them into tourist destinations.
Texas hasn't had such government-driven developments. But for communities up and down the coast, "new urbanism" projects are getting approved in part because they include retail and restaurants, providing a much-needed sales-tax base, Gaines says.
"A lot of the local coastal communities have fought the pace and level of development and have required developers to do something that was like the new-urbanism approach," Gaines says. "They want it to be controlled, planned, to be mixed-use. They wanted developers to create bigger tax bases by including retail and other things.
"It has been an attitude of 'growth is coming, how do we control it and create a better atmosphere?' "
Gaines says he thinks the coast "is one of those markets that's really waiting to catch on fire."
Part of the expected growth will come from baby boomers buying retirement homes, he says. Also, "land that has been formerly unavailable for development, land owned by families and trusts, is coming on the market, and that will speed things up," he says.
Then there's the factor of foreign investment. "Because of the falling dollar, it's like a 30 percent-off sale for homes in the States. And if you're a European or Mexican who's looking for coastal property, it's far more affordable here than anywhere else."
cealy@statesman.com; 445-3931 |
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By
The Media Audit @
Thursday, March 06, 2008 8:52 AM |
Retirees, Followed By Boomers, Will Redefine Retirement
A report from The Media Audit - adults who are nearing retirement are now one of the fastest growing demographics in the country. 17.9% of all U.S. adults are now retired, a figure that has increased by 6% in the last five years and will rapidly increase as Boomers exit the workforce over the next few decades.
Consumption habits of aging Americans are likely very different from those of their predecessors because they are living longer, achieving higher levels of education, are wealthier, and redefining what it means to be retired. |
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By
Mike St.Amand @
Tuesday, March 18, 2008 4:56 PM | |
As a soon to be retiree who has been investigating the Texas coastline properties for a couple years, I can certainly say I am nearly ready to make the move. I must say, however, that the tax structure of Texas is definitely NOT of the the reasons. Sure there is no income tax, but when you are retired, that is not such a problem. Most states have low income taxes for seniors. What is causing an exodus out of the market and creating a glut of homes is the high property tax rates. As a Californian, I was shocked to learn that the taxes on the home I wanted to purchase were higher than my current mortgage payment including taxes. Texas lawmakers would be wise to consider changing this tax structure. Charge income or increase sales tax, and reduce property taxes. This will encourage retirees with a nest egg to purchase homes, thereby increasing home values. |
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ByAARP @
Friday, April 11, 2008 11:46 PM |
AARP - How to Ride Out a Recession
Slumping housing. Tightening credit. Shaky stocks. Spiking oil prices. Whatever adjectives economists attach to current conditions, the forecast seems to be the same: a financial storm is threatening our pocketbooks and savings. Even the R word—recession—is getting airtime.
True, we’ve been here before. Through terrorism, war, even Katrina, the economy has shown its resilience, says Lakshman Achuthan, managing director of the Economic Cycle Research Institute, one of the nation’s leading forecasters. “A shock alone won’t cause a recession if the economy is otherwise strong,” he notes. But here’s the rub: “With the housing slowdown and subprime mess, this is the first time in a long time that we’ve had the combination of a big shock and an economy showing real signs of weakness. That combination is a recipe for recession.”
What changed? In brief, your home lost value. The air began escaping from the housing-price bubble in 2006, pressuring millions of homeowners who’d wagered that rising real estate or their own income gains would keep them ahead of their precariously high debts. Then it turned out that mortgage lenders had encouraged too many of those bad bets—and that still more financial institutions owned a piece of the problem because they’d purchased securities based on these risky loans. By last July, the ripple effects from mortgage losses hit big banks, and the stock market began to seesaw downward.
Home Values
The story so far Overall housing prices peaked in 2006 and have declined almost 7 percent since, according to the S&P/Case-Shiller Home Price Indices. Foreclosures were at an all-time high last year, rising to nearly 2 million from 1.2 million in 2006, the marketplace RealtyTrac reports.
How bad could things get?
A big wave of adjustable-rate mortgage resets hits in the first half of 2008. Robert Shiller, the Yale economics professor behind the Case-Shiller indices, says it’s possible housing prices will decline 30 percent from their peak. That’s as much as they fell from 1925 to 1933, the low point of the Great Depression. Others predict a 15 percent drop.
Conventional wisdom Ride it out.
“If you can stay put until the storm passes, the market will be positioned for a healthy rebound,” says Achuthan. If you must move, try to sell your property before you buy a new home, so you don’t get caught short. And, yes, fixed-rate mortgages are the only way to go.
The new wrinkle Renters in a position to buy may find bargains—including their current home.
That’s because investment homes aren’t in line for breaks taking shape for some overextended homeowners, so your landlord might sell to you on the cheap. Less happily, if you aren’t buying and your landlord is facing foreclosure, you may have to act quickly to avoid eviction (laws vary by state). Keep paying rent and negotiate with the lender to stay, at least for a while. |
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