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Seniors living the high life are boosting economy in America’s fastest-growing city

close video Baby boomers bursting with wealth, while younger generations face hurdles

FOX Business’ Gerri Willis reports on a new Federal Reserve study which found more than 70% of the nation’s wealth is owned by those over the age of 55.

Georgetown, Texas, is the place to be, at least if you're of a certain age. Thanks to a surge in baby boomers moving into the city just 40 miles north of Austin, it's the fastest-growing city in America.

A new Wall Street Journal report stated that boomers are driving the local population boom as they move into an age-restricted community association known as Sun City Texas, mostly reserved for buyers 55 and older. 

That wave of newcomers to the community dubbed by Georgetown Mayor Josh Schroeder as the "cruise ship on land," the report says, is also driving an economic boom.

The town has been the top city for population growth for three straight years, according to Census Bureau data of cities with populations over 50,000, the WSJ reported. It grew 11% last year, 14% in 2022, and 11% in 2021.

BABY BOOMERS ARE BECOMING WEALTHIER, WHILE YOUNGER GENERATIONS LAG BEHIND, FED REPORT FINDS

Older Americans are making the economy boom after moving into Sun City in Georgetown, Texas. (iStock / iStock)

"It’s like they’re at college except they don’t have to go to class and they have $3 million in the bank," Schroeder told the outlet.

Baby boomers are generally considered the wealthiest generation in the U.S. today, with Federal Reserve data from Q3 2023 indicating those over 55 own 72% of wealth in America, with those over 70 holding 30% of all wealth. 

That money, combined with the lack of need to care for younger children and more time to do fun or leisurely post-retirement activities, signals a better opportunity to stimulate the local economy. 

RETIREMENT, 401(K) SAVINGS RISE LED BY BOOMERS, GEN Z

American baby boomers are more likely to have wealth than younger generations like millennials and Gen Z, data shows. (iStock / iStock)

That's where Sun City comes in. According to the WSJ report, seniors have the opportunity to party, complete with a Mardi Gras parade and a ball, compelling 70-year-old Sun City resident Suzanne Herndon to comment on the fun by saying, "We're not dead yet."

"Sun City residents have turned out to be the best economic stimulus Georgetown could ask for. The city’s operating budget is flush. Its rainy day fund is brimming. Stores, restaurants, hospitals and health clinics add hundreds of jobs every year," it states in part, adding that Sun City residents make up approximately 17,000 of the city's 96,000 residents.

Most of the residents are unburdened by student loans and have paid off their houses.

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While seniors are more likely to harbor wealth, younger generations are lagging behind, with the Fed data from Q3 2023 showing 25% of American households aged 40 to 54 own just 20% of the nation's wealth, while those under 40 have under 7%.

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FOX Business' Kristen Altus contributed to this report.

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